Eagle Bulk Shipping secures future with recapitalisation deal

Eagle Bulk Shipping secures future with recapitalisation deal

Eagle Bulk Shipping has announced that it has reached an agreement with the company’s lenders and holders of approximately 75% of the company’s outstanding equity for a comprehensive balance-sheet recapitalisation.

The transaction will provide Eagle Bulk with about $105m in incremental liquidity, which includes a new second lien facility comprised of $60m in new capital from existing shareholders, as well as new capital providers.

“We are very pleased to have reached this comprehensive agreement that strengthens Eagle Bulk’s capital structure. The combination of additional liquidity and the enhanced financial flexibility it provides greatly improves our ability to persevere through the current market, and a new corporate structure will enable us to pursue market opportunities.  It is, in short, a new foundation for long-term, sustainable success backed by strong support from our lenders and shareholders,” said Gary Vogel, chief executive officer of Eagle Bulk.

“With the completion of this transaction, we are now well-positioned to re-focus on Eagle Bulk’s development as a world-class commercial and technical owner/operator with the objective to deliver premium value and results around our assets.  We are grateful to our investors and our lenders, as well as to our employees and business partners, for their confidence in Eagle Bulk’s long-term potential,” he added.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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