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Embattled Eagle Bulk Restructures its Balance Sheet

Gary Vogel

Posted on April 4, 2016

By Greg Miller, Fairplay

NASDAQ-listed Eagle Bulk has averted a second bankruptcy and recapitalised its balance sheet with an infusion of new money, including fresh capital from existing shareholders Oaktree Capital and Goldentree Asset Management.

Eagle Bulk, which owns 44 Supramaxes, has been operating under a forbearance agreement with its ABN AMRO-led lender group since January. Upon the company’s exit from Chapter 11 bankruptcy in October 2014, the lender group provided Eagle Bulk with a USD275 million credit facility at LIBOR plus 3-4%. Eagle Bulk currently has outstanding debt of USD241 million, including USD201 million under its term loan facility and USD40 million drawn on a revolver (of USD50 million total), maturing in October 2019.


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