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

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.

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

Page 1 of 3 – SEC Filing