The revamped Eagle Bulk Shipping appears to have cut a tougher deal with founder Sophocles Zoullas in its agreement to manage vessels he acquires for his private account.
Eagle’s new pact with Zoullas’s Delphin Shipping is in the fine print of a reorganisation plan that cleared Chapter 11 bankruptcy through the express lane last month.
Eagle’s new owners, led by private equity’s Oaktree Capital Management, made reworking the Delphin agreement one of the conditions of the pre-packaged reorganisation.
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