Nasdaq-listed Eagle will see debt cut by almost $1bn in a restructuring that will be overseen in the United States Bankruptcy Court for the Southern District of New York.

Sophocles N. Zoullas will remain as both chairman and chief executive of the reorganized company.

He said: "With an expedited restructuring process now underway, we are pleased to have the ongoing support of our lenders, with whom we will work in partnership to recapitalize Eagle Bulk's balance sheet and significantly reduce the company's debt load."

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