zoom The US judge Sean Lane has approved Eagle Bulk Shipping’s restructuring plan at the US Bankruptcy Court in New York, according to the Wall Street Journal. Eagle Bulk, the parent company of Eagle Bulk Shipping Inc, started a voluntary “prepackaged” Chapter 11 case in the United States Bankruptcy Court for the Southern District of New York little over a month ago.Previously, Eagle Bulk Shipping Inc. entered into a Restructuring Support Agreement (RSA) with lenders holding more than 85% of the loans outstanding under its Fourth Amended and Restated Credit Agreement, dated June 20, 2012, regarding the terms of a balance sheet restructuring that will reduce its debt obligations by approximately USD 975 million.In conjunction with the prepackaged case, Eagle Bulk also filed its proposed plan of reorganization and related disclosure statement.The approved restructuring plans clears USD 975 million of debt, with the holders of Eagle Bulk’s credit facilities being given restructured owner’s 99.5% of the common shares.The remaining 0.5% goes to the existing equity holders, with the option of warrants that could raise their stake to 7.5%.The plan was unanimously supported by Eagle’s USD 1.2 billion facilities lenders.“The plan was negotiated and proposed by the debtor in good faith and with a legitimate and honest purpose of effectuating a full and feasible financial restructuring of the debtor’s enterprise while maximising value for the benefit of all stakeholders,” said Adir Katzav, Eagle Bulk Chief Financial Officer. World Maritime News Staff, September 19, 2014
Among a number of resource-sector contract wins, Swift Networks Group has expanded its previous agreement with nickel miner Western Areas at its Forrestania operation in Western Australia.The existing contract, originally signed in 2014, was to provide in-room digital services to the 465-bed accommodation village at Forrestania. The new pact expands Swift’s contract by 68 rooms to 533 rooms and includes an on-site phone network upgrade in addition to Swift’s entertainment and communication services.Swift, which calls itself a diversified telecommunications, content and advertising solutions provider, says it delivered consistent growth in the resources market over 2018, both through direct contract wins and new clients secured by the company’s network of reseller partners.“The company continues to view Resources as an attractive growth opportunity in light of the significant pipeline of new mining exploration, construction and development projects currently underway throughout Australia,” Swift says.Forrestania is Western Areas’ flagship asset and consists of the Flying Fox and Spotted Quoll mines, the Cosmic Boy concentrator, a regional tenement package considered highly prospective for further nickel discoveries, and significant site infrastructure; including the accommodation village, grid-connected power, water management network, airstrip and nickel concentrate export facilities.Based on 10-year production targets, Forrestania is expected to produce an average of 25,000 t/y of nickel concentrate.