Independent journal on economy and transport policy
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American Eagle Bulk Shipping approaches the simplified procedure of controlled administration
Agreement with the creditors
August 7, 2014
the shipowning society American Eagle Bulk Shipping, that it has a fleet of approximately 45 ships portarinfuse, has reached an agreement of restructure with the creditors and has voluntarily started the procedure prepackaged in the within of Chapter 11 of the American bankrupt law that is constituted by a procedure of restructure simplified regarding the defined ordinary procedure from Chapter 11.
the company has explained that the agreement allows to reduce own indebtedness of approximately 975 million dollars and to increase the liquidity meaningfully. The plan previews among other things that the creditors convert their credit in 99.5% of the new capital of restructured Eagle Bulk.
"We preview - it has emphasized the president and managing director of Eagle Bulk Shipping, Sophocles N. Zoullas - than during the restructure procedure our operating activities and commercial they will continue according to theirs normal course. The reputation of the company is constructed on the base of industrial relations of elevated value and on the base of an operating excellence, factors that we will continue to develop".
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