Boston, MA 10/16/2014 (wallstreetpr) – According to reports, Eagle Bulk Shipping Inc. (NASDAQ:EGLE) announced that it had successfully finished financial restructuring process after getting approval for the same from the court. As per the information, EGLE has come up with significantly enhanced liquidity and strong balance sheet.
Management Call:
Senior management team of Eagle Bulk Shipping Inc. (NASDAQ:EGLE) supported the decision of financial restructuring, which has paid back amazingly. According to Sophocles N. Zoullas, Chief Executive Officer and Chairman of EGLE, financial restructuring process has led to very strong position. After the recently executed financial restructuring, EGLE has emerged as a stronger company in every aspect. With the current market position, it can easily compete with other rivals in cyclical shipping markets.
Eagle Bulk Shipping Inc. (NASDAQ:EGLE) is thankful to those lenders who provided it financial support for conducting financial restructuring process successfully and also to all the customers who kept their faith in the potential of the company. All the employees of the company have been working 24/7 in order to ensure that it maintains its current market leadership position and touches new heights in the future.
With the help of effective financial restructuring process, Eagle Bulk Shipping Inc. (NASDAQ:EGLE) has managed to reduce its debt by $1 billion or 80%, followed by reduction in cash interest expense and increment in liquidity procedure. After the effective capital structuring process, it has best-in-class management platform and on-the-water quality fleet of 45 vessels in place, which ensure strong future dry-bulk market fundamentals.
After the financial restructuring process, it also closed a $275 million exit financing facility immediately, which comprised of $50 million revolving credit facility and $225 million term loan. Initially, EGLE’s intentions were made public for the very first time by United States Bankruptcy Court for the Southern District on September 22, 2014. Court also disclosed that EGLE had full support from its investors and secured lenders. The entire debt of lenders has been converted in 99.5% new equity after the restructuring process, which has placed Eagle Bulk Shipping Inc. (NASDAQ:EGLE) on a very strong platform.
