Stamford bulk cargo shipper lands recapitalization funds

By Kevin Zimmerman

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Eagle Bulk Shipping Inc., the Stamford-based bulk cargo shipper, has reached an agreement with the lenders and holders of approximately 75 percent of the company’s outstanding equity for a comprehensive balance-sheet recapitalization.

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

The recapitalization comes less than two years after Eagle Bulk completed a Chapter 11 bankruptcy proceeding, and roughly 18 months after naming Gary Vogel its CEO and relocating its headquarters from New York City to Stamford.

Eagle Bulk owns a fleet of 44 Supramax dry bulk vessels ranging in size from 50,000 to 60,000 deadweight tons of cargo, used to transport coal, grain, ore, steel, and other commodities. In addition to Stamford, it also operates an office in Singapore.

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