Eagle Bulk Shipping filed for bankruptcy yesterday, the latest in a string of shipping companies to make a chapter 11 filing, and said it reached agreement with its lenders to cut its debt by $975 million, Reuters reported yesterday. The U.S. company said in a statement that creditors who hold more than 85 percent of its loans have voted in favor of a pre-packaged reorganization plan. Under the plan, lenders would receive nearly all the stock in the company in return for what they are owed. If approved by the court, the reorganization plan would cancel the company's current stock, which trades on the Nasdaq. Shareholders will receive 0.5 percent of the stock in a reorganized Eagle Bulk, plus warrants to acquire an additional 7.5 percent.
