Last $0.92 USD
Change Today +0.06 / 7.00%
Volume 271.3K
EGLE On Other Exchanges
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As of 8:10 PM 09/30/14 All times are local (Market data is delayed by at least 15 minutes).

eagle bulk shipping inc (EGLE) Snapshot

Open
$0.85
Previous Close
$0.86
Day High
$0.95
Day Low
$0.80
52 Week High
10/3/13 - $8.35
52 Week Low
09/25/14 - $0.70
Market Cap
16.8M
Average Volume 10 Days
346.3K
EPS TTM
$-7.71
Shares Outstanding
18.3M
EX-Date
12/19/08
P/E TM
--
Dividend
--
Dividend Yield
--
Current Stock Chart for EAGLE BULK SHIPPING INC (EGLE)

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eagle bulk shipping inc (EGLE) Details

Eagle Bulk Shipping Inc., through its subsidiaries, is engaged in the ocean transportation of various bulk cargoes worldwide. The company owns, charters, and operates dry bulk vessels that transport a range of bulk cargoes, such as iron ore, coal, grain, cement, and fertilizers. As of December 31, 2013, it owned and operated a fleet of 45 oceangoing vessels, including 43 Supramax and 2 Handymax vessels with a combined carrying capacity of 2,451,259 deadweight tons. The company was founded in 2005 and is headquartered in New York, New York. On August 6, 2014, Eagle Bulk Shipping, Inc. filed a voluntary petition for reorganization under Chapter 11 in the US Bankruptcy Court for the Southern District of New York.

900 Employees
Last Reported Date: 03/31/14
Founded in 2005

eagle bulk shipping inc (EGLE) Top Compensated Officers

Founder, Chairman, Chief Executive Officer an...
Total Annual Compensation: $1.5M
Chief Financial Officer, Principal Accounting...
Total Annual Compensation: $1.0M
Director and President of Eagle Shipping Inte...
Total Annual Compensation: $1.0M
Compensation as of Fiscal Year 2013.

eagle bulk shipping inc (EGLE) Key Developments

Nasdaq Determines To Delist Eagle Bulk Shipping’s Common Stock From Nasdaq Global Select Market

In response to the announcement by Eagle Bulk Shipping Inc. that it filed a voluntary prepackaged case (Prepackaged Case) under chapter 11 of title 11 of the United States Bankruptcy Code (Code), the Nasdaq Stock Market Listing Qualifications Staff (Staff) issued a delisting determination letter to the Company on August 8, 2014. The letter indicated that the Staff has determined to delist the Company’s common stock from the Nasdaq Global Select Market as a result of the Company’s decision to file such a petition for relief under the Code, and associated public interest concerns raised by such filing, pursuant to the discretionary authority provided under Marketplace Rules 5101, 5110(b) and IM–5101-1. The Staff’s letter also cited concerns regarding the residual equity interest of the holders of the existing common stock, as well as concerns about the Company’s ability to sustain compliance with all requirements for continued listing on the Nasdaq Stock Market, as reasons for the delisting determination. The Staff’s letter further advises the Company that trading of the Company’s common stock will be suspended at the opening of business on August 19, 2014 unless it requests a hearing with a Nasdaq Listing Qualifications Hearing Panel (Panel) to appeal the proposed delisting. The Company intends to request a hearing with the Panel to appeal the proposed delisting. The Company’s common stock will remain listed on the Nasdaq Global Select Market pending the outcome of the hearing.

Eagle Bulk Shipping, Inc. Enters into Waiver and Forbearance Agreement with Lenders

On March 20, 2014, Eagle Bulk Shipping, Inc. announced that it had entered into the waiver and forbearance agreement with lenders constituting majority lenders under the fourth amended and restated credit facility, dated as of June 20, 2012, by and among the company, the Royal Bank of Scotland plc, and the lenders party thereto (credit agreement). 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 the terms, conditions and milestones as set out in the waiver. On May 31, 2014, the company and the lenders entered into amendment no. 4 to the waiver to facilitate continued discussions between the company and its lenders. Pursuant to the amendment, the milestone requiring the company and the majority lenders 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 has been extended from May 31, 2014 to June 5, 2014. The waiver remains in effect on substantially the same terms and conditions, with certain modifications as set out in the amendment. The company continues to have discussions with representatives of the lenders pursuant to the waiver. Although there can be no assurance that the company will be able to reach an agreement with the lenders regarding the terms of a restructuring, it is expected that any restructuring transaction would be substantially dilutive to the company's current shareholders.

Eagle Bulk Shipping, Inc. Announces Extension to Waiver and Forbearance Agreement

Eagle Bulk Shipping Inc. announced that the company has entered into an 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 amendment to the Waiver, which was originally announced on March 20, 2014, extends from April 15, 2014 to April 30, 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 in the Waiver. The Waiver remains in effect on substantially the same terms and conditions, with certain modifications as set in the amendment.

 

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