Daily News: September 19, 2014

BofA, Others Support Eagle Bulk Restructuring Plan

The Wall Street Journal reported that bankrupt Eagle Bulk shipping received court approval for its exit plan, reportedly cutting $975 million in debt from the company’s balance sheet.

The Journal said the lenders, which include Bank of America, Canyon Capital Advisors and Oaktree Capital, gave unanimous support of the plan, which will convert the approximately $1.2 billion owed to 99.5% of new equity in the restructured bulk vessel company.

To read the entire Journal article, click here.