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Star Bulk Carriers Corp (SBLK): Monarch Alternative Capital Unloads Some Shares

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Monarch Alternative Capital‘s stake in Star Bulk Carriers Corp (NASDAQ:SBLK) has been reduced by almost 6,000 shares as per a recently amended 13D filing with the Securities and Exchange Commission. At the end of June, the fund managed by Michael Weinstock owned around 2.35 million shares and has since lowered its stake to 2.34 million, which amass 4.19% of the stock’s float.

Star Bulk Carriers Corp (NASDAQ:SBLK) is a global shipping company that operates a fleet of dry bulk carrier vessels. Year-to-date, the company’s stock is up by an exceptional 650.29%. Earlier this month, Deutsche Bank AG reiterated its ‘Hold’ rating on Star Bulk Carriers’ stock, while Morgan Stanley reiterated its ‘Sell’ rating on it, along with a price target of $3, and Jefferies Group reiterated a ‘Buy’ rating and raised its price target on it to $6 from $5.

Michael Weinstock - Monarch Alternative Capital

Seven investors within our database were bullish on Star Bulk Carriers Corp (NASDAQ:SBLK) at the end of June, same as at the end of March. Among them were Howard Marks’ Oaktree Capital Management, with a position valued at $67.67 million, Mark Weissman, Adam Cohen and David Coleto’s Caspian Capital Partners, which owned a position worth $8.92 million, John Angelo and Michael Gordon’s Angelo Gordon & Co, Noam Gottesman’s GLG Partners, and Charles Lemonides’ Valueworks LLC.

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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
Monarch Alternative Capital 0 2,343,893 0 2,343,893 2,343,893 4.19%
MDRA GP 0 2,343,893 0 2,343,893 2,343,893 4.19%
Monarch GP 0 2,343,893 0 2,343,893 2,343,893 4.19%
Michael Weinstock
Michael Weinstock
Monarch Alternative Capital

Page 1 of 6 – SEC Filing

Washington, D.C.  20549
Under the Securities Exchange Act of 1934
(Amendment No. 5)*

Star Bulk Carriers Corp.

(Name of Issuer)

Common Stock, par value $0.01 per share

(Title of Class of Securities)


(CUSIP Number)

Michael Kelly, Esq.
Monarch Alternative Capital LP
535 Madison Avenue
New York, NY  10022
(212) 554-1700
Copy to:
Michael A. Schwartz, Esq.
Willkie Farr & Gallagher LLP
787 Seventh Avenue
New York, NY  10019-6099

(212) 728-8000

(Name, Address and Telephone Number of Person Authorized to

Receive Notices and Communications)

September 20, 2016

(Date of Event which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box:
NOTE: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.  See Rule 240.13d-7 for other parties to whom copies are to be sent.
*  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 disclosures provided in a prior cover page.
The information required on 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, as amended (the “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 the Notes).
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