Eagle Bulk Extends Its Waiver Agreement

Eagle Bulk Shipping Inc. has entered into a second amendment to its previously reported Waiver and Forbearance Agreement in order to facilitate continued discussions between the company and the lenders under its Fourth Amended and Restated Credit Facility (the Credit Agreement).

The second amendment to the Waiver, which was originally announced on March 20, 2014, extends from April 30, 2014 to May 15, 2014 the milestone requiring the company and the lenders constituting “Majority Lenders” under the Credit Agreement to:

(i) agree on terms of a restructuring of the obligations outstanding under the Credit Agreement and

(ii) execute a binding restructuring support agreement or similar agreement documenting such agreed-upon terms.

Under the terms of the Waiver, the lenders agreed to waive until June 30, 2014 certain potential events of default, subject to the company’s compliance with certain terms, conditions and milestones as set forth in the Waiver. The Waiver remains in effect on substantially the same terms and conditions, with certain modifications as set forth in the amendments.

While Eagle Bulk is continuing discussions with its lenders as part of the Waiver, the company cautioned that there is no assurance such discussions will result in a comprehensive resolution.

Additional discussion regarding the impact of a failure to reach a consensual resolution with the lenders can be found in the company’s Form 10-K for the year ended December 31, 2013 filed with the Securities and Exchange Commission on March 31, 2014.

Eagle Bulk, May 2, 2014

Share this article

Follow World Maritime News

In Depth>

Events>

<< Mar 2020 >>
MTWTFSS
24 25 26 27 28 29 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Seawork 2020

Seawork is Europe’s leading commercial marine and workboat exhibition, providing businesses the opportunity…

read more >

Belgian Offshore Days 2020

During this event, a conference will be held with focus on “Increasing value by data driven innovation…

read more >

World Future Ports Summit 2020

This event will bring together ports and maritime shipping professionals from global leading companies and authorities to discuss recent digital technologies…

read more >

Europort Romania

Europort Romania is the premier maritime networking event of the Black Sea and will connect maritime technology and service suppliers with high level professionals from Romania and surrounding shipbuilding markets.

More info

read more >