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Eagle Bulk Shipping Inc. (EGLE): Canyon Capital Advisors Significantly Decreases Its Stake

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According to a recent 13G filing with the US Securities and Exchange Commission, Joshua Friedman and Mitchell Julis Canyon Capital Advisors owns 187,434 common shares of Eagle Bulk Shipping Inc. (NASDAQ:EGLE), which account for 0.41% of the company’s total amount of shares. This is significantly less compared to 4.34 million shares, Canyon Capital Advisors reported as of the end of 2015.

 

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Eagle Bulk Shipping is a transportation company that offers a variety of transport services of different commodities such as iron ore, coal, forest products to name a few. Over the past 12 months, the company’s shares have dropped by 92.04%. Recently the company announced that it has reached an agreement with its holders and lenders “of approximately 75% of the company’s outstanding equity  for a comprehensive balance-sheet recapitalization” upon which Eagle Bulk Shipping is granted with nearly $105 million in incremental liquidity that contains “a new second lien facility comprised of $60 million in new capital from existing shareholders, as well as new capital providers”.

There has been a slight increase in the number of funds from our database long Eagle Bulk Shipping (NASDAQ:EGLE), since, at the end of December, 6  investors held shares, compared to 5  investors at the end of the previous quarter. The largest position in Eagle Bulk Shipping (NASDAQ:EGLE) was reported by Howard Marks’ Oaktree Capital Management, valued at $55.3 million, followed by  Steven Tananbaum’s GoldenTree Asset Management with a $20.8 million holding. Other money managers that were bullish on Eagle Bulk Shipping’s stock are Geoffrey Raynor’s Q Investments (Specter Holdings), Don Morgan’s Brigade Capital and Matthew Barrett’s Glendon Capital Management.

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Mitchell R. Julis 6 187,434 8 187,434 187,434 0.41%

Joshua Friedman And Mitchell Julis
Joshua Friedman And Mitchell Julis
Canyon Capital Advisors

Page 1 of 3 – SEC Filing

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 3)*
Eagle Bulk Shipping, Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
Y2187A127
(CUSIP Number)
April 30, 2016
(Date of Event which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
[X] Rule 13d-1(b)
[   ] Rule 13d-1(c)
[   ] Rule 13d-1(d)
* The remainder of this cover page shall be filled out for a reporting person’s initial filing on
this form with respect to the subject class of securities, and for any subsequent amendment
containing information which would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed to be “filed”
for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject
to the liabilities of that section of the Act but shall be subject to all other provisions of the
Act (however, see Instructions).

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