Eagle Bulk extended its forbearance and standstill agreement with its creditors, led by ABN AMRO, by a further 14 days to give it more time to find a solution to the money it owes in loans.

The extended forbearance period began today and will expire on March 22. This is the sixth time Eagle Bulk has extended the period with its creditors.

Eagle Bulk’s lenders, which include CIT Bank, Deutsche Bank, ABN AMRO Capital, Credit Agricole and Skandinaviska, have agreed to waive the minimum liquidity covenant set forth in the loan agreement until March 22 or if the shipping company’s liquidity falls below $8.5 million or $193,193 per ship owned by the company’s guarantors. Eagle Bulk was required to maintain higher levels of liquidity in the previous forbearance period extensions made earlier this year.

The New York-based company said the new extension “is intended to provide the company with additional time, liquidity and flexibility while discussions with certain of its shareholders and lenders with respect to such financing alternatives are continuing.” It added that financing could not be guaranteed and that the standstill period may yet be extended again.