The documentation confirms Oaktree’s status as the alpha dog in the continuing negotiations between Eagle management and hedge funds that have taken over its bank debt.
Signs appear stronger than ever that it is all leading to a pre-packaged Chapter 11 bankruptcy filing, according to Michael Webber, the Wells Fargo equity analyst who has been following Eagle’s struggles.
The Oaktree concentration mirrors its earlier purchase of debt in Excel Maritime, when seven separate funds bought up the Greek owner’s paper.
