Eagle Bulk Shipping cancelled a preferred share sale that would have raised some $6.3m.
The New York-listed supramax owner announced back in May plans for a private sale of preferred stock carrying a 15% dividend.
Eagle Bulk’s largest shareholder, Oaktree Capital, pledged to pick up $3.9m in the preferred shares. Second-largest shareholder GoldenTree Asset Management had pledged $1.5m.
Instead, Eagle plans to pay out the purchasers an aggregate cancellation fee of more than $125,000 for the preferred share sale, according to a securities filing.
No statement was immediately available from Eagle Bulk regarding the cancellation.
