"We understand that Korea Line Corporation's ("KLC") decision to file for protective receivership in Seoul was a necessary decision for the continued trading of that Company. Eagle Bulk's exposure to current KLC accounts receivable is modest, and indeed the vast majority of our charters with KLC are fixed at close to current market rates. To date, none of our charters with KLC have been restructured.
"Eagle Bulk expects to be engaged in ongoing and constructive dialogue with KLC as the Company works on its rehabilitation plans. We will continue to update the market as events warrant."
