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Eagle Bulk Shipping, Inc. Message Board

  • sallytradesstock sallytradesstock Sep 19, 2013 11:56 AM Flag

    I am hearing/reading chatter about bankruptcy


    When will they file?

    This topic is deleted.
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    • the only chatter I hear is how sally is losing her #$%$ shorting EGLE

    • Around March 31, 2014.

      "However, if the current charter hire rates do not improve for the remainder of 2013 and in the first quarter of 2014, the Company will not be in compliance with the maximum leverage ratio and the minimum interest coverage ratio covenants under the Fourth Amended and Restated Credit Facility at or after March 31, 2014; and, if charter hire rates deteriorate significantly from current levels or if we are unable to achieve our cost cutting measures or if we realized losses on our Korea Lines Corporation available for sale investment, the Company may not be in compliance with the maximum leverage ratio covenant in 2013.

      If the Company does not comply with the financial covenants contained in the Fourth Amended and Restated Credit Facility, which non-compliance would constitute an event of default under the credit agreement, the Company would seek to obtain a waiver or modification to the credit agreement from our creditors, however there is no guarantee that we would receive such a waiver or that such a waiver would be on terms or conditions that would be acceptable to the Company. If we were to be unable to cure an event of default, our debt could be called by the banks and all amounts then outstanding would be reclassified as a current liability and alternative sources of financing would need to be sought on terms that may not be favorable to the Company or the Company may need to seek additional capital through equity or debt offerings or through the sale of assets. Should such events happen, there can be no assurances that the Company would be able to procure alternate financing or sufficient sources of additional capital. If the Company were unable to obtain a waiver or modification of the credit agreement or obtain such alternate financing or additional capital, there is substantial doubt about the Company's ability to continue as a going concern.”

      Sentiment: Sell

    • they will never file you idiot. What do the banks want with a bunch of used ships? The banks will work with the shippers till hell freezes over.

      Sentiment: Strong Buy

    • u must be one of the shorts takin it up the chute today !

9.82-0.22(-2.19%)Mar 4 4:00 PMEST

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