Mr. Zoullas continued, "With our new and conservative capital structure in place, an on-the-water quality fleet of 45 vessels, and a best-in-class management platform, Eagle Bulk is uniquely positioned to capitalize on current and future drybulk market fundamentals." In conjunction with its emergence from the financial restructuring process, Eagle Bulk today closed on a new $275 million exit financing facility, comprised of a $225 million term loan and a $50 million revolving credit facility. On September 22, 2014, the United States Bankruptcy Court for the Southern District of New York confirmed Eagle Bulk's Plan of Reorganization (the "Plan"), which received the unanimous support of Eagle Bulk's secured lenders. Under the terms of the Plan, the Lenders converted their debt into 99.5% of the new equity in the reorganized Eagle Bulk, subject to dilution, and received a cash distribution from the proceeds of the exit financing facility.