According to a recent 13G filing with the US Securities and Exchange Commission, Joshua Friedman and Mitchell Julis‘ Canyon Capital Advisors owns 187,434 common shares of Eagle Bulk Shipping Inc. (NASDAQ:EGLE), which account for 0.41% of the company’s total amount of shares. This is significantly less compared to 4.34 million shares, Canyon Capital Advisors reported as of the end of 2015.
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Eagle Bulk Shipping is a transportation company that offers a variety of transport services of different commodities such as iron ore, coal, forest products to name a few. Over the past 12 months, the company’s shares have dropped by 92.04%. Recently the company announced that it has reached an agreement with its holders and lenders “of approximately 75% of the company’s outstanding equity for a comprehensive balance-sheet recapitalization” upon which Eagle Bulk Shipping is granted with nearly $105 million in incremental liquidity that contains “a new second lien facility comprised of $60 million in new capital from existing shareholders, as well as new capital providers”.
There has been a slight increase in the number of funds from our database long Eagle Bulk Shipping (NASDAQ:EGLE), since, at the end of December, 6 investors held shares, compared to 5 investors at the end of the previous quarter. The largest position in Eagle Bulk Shipping (NASDAQ:EGLE) was reported by Howard Marks’ Oaktree Capital Management, valued at $55.3 million, followed by Steven Tananbaum’s GoldenTree Asset Management with a $20.8 million holding. Other money managers that were bullish on Eagle Bulk Shipping’s stock are Geoffrey Raynor’s Q Investments (Specter Holdings), Don Morgan’s Brigade Capital and Matthew Barrett’s Glendon Capital Management.
You can access the original SEC filing by clicking here.
Ownership Summary Table
| Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
|---|---|---|---|---|---|---|
| Mitchell R. Julis | 6 | 187,434 | 8 | 187,434 | 187,434 | 0.41% |
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Page 1 of 3 – SEC Filing
this form with respect to the subject class of securities, and for any subsequent amendment
containing information which would alter the disclosures provided in a prior cover page.
for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject
to the liabilities of that section of the Act but shall be subject to all other provisions of the
Act (however, see Instructions).
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Page 2 of 3 – SEC Filing
| 1 | NAME OF REPORTING PERSON Mitchell R. Julis I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) | ||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X] (b) [ ] | ||
| 3 | SEC USE ONLY | ||
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION United States | ||
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 5 | SOLE VOTING POWER | |
| 6 | SHARED VOTING POWER 187,434 | ||
| 7 | SOLE DISPOSITIVE POWER | ||
| 8 | SHARED DISPOSITIVE POWER 187,434 | ||
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 187,434 | ||
| 10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] | ||
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.41% | ||
| 12 | TYPE OF REPORTING PERSON IN | ||
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Page 3 of 3 – SEC Filing
| ITEM 1(a). | NAME OF ISSUER: | |
ITEM 1(b).ADDRESS OF ISSUER’S PRINCIPAL EXECUTIVE OFFICES:
New York, New York 10022
ITEM 2(a).NAME OF PERSON FILING:
Canyon Capital Advisors LLC (CCA)
Mitchell R. Julis
Joshua S. Friedman
CCA is the investment advisor to the following persons:
(i)Canyon Value Realization Fund, L.P. (VRF)
(ii)The Canyon Value Realization Master Fund (Cayman), L.P. (CVRF)
(iii)HF Canyon Master, Ltd. (HFCM)
(iv)Canyon Value Realization Fund MAC 18, Ltd. (CVRFM)
(v) Canyon Blue Credit Investments Fund L.P. (“Canyon Blue”)
(vi)Canyon Balanced Master Fund, Ltd. (CBEF)
(vii)Permal Canyon Fund Ltd. (PERMII)
(viii)Canyon-GRF Master Fund II, L.P. (GRF2)
(vix) Canyon-TCDRS, LLC (“Canyon-TCDRS”)
* Attached as Exhibit A is a copy of an agreement among the persons filing (as specified hereinabove) that this Schedule 13G is being filed on behalf of each of them.
ITEM 2(b).ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE:
2000 Avenue of the Stars, 11th Floor,
Los Angeles, CA 90067
ITEM 2(c).CITIZENSHIP:
Mitchell R. Julis – United States
Joshua S. Friedman – United States
VRF: a Delaware limited partnership
CVRF: a Cayman Islands exempted limited partnership
HFCM: a Cayman Islands corporation
CVRFM: a Cayman Islands corporation
Canyon Blue: a Delaware limited partnership
CBEF: a Cayman Islands corporation
PERMII: a British Virgin Islands company
GRF2: a Cayman Islands exempted limited partnership
Canyon-TCDRS: a Delaware limited liability company
ITEM 2(d).TITLE OF CLASS OF SECURITIES:
ITEM 2(e).CUSIP NUMBER:
ITEM 3.IF THIS STATEMENT IS FILED PURSUANT TO SECTION 240.13d-1(b), or 13d-2(b) or (c) CHECK WHETHER THE PERSON FILING IS A:
[ ]
Broker or dealer registered under Section 15 of the Act (15 U.S.C. 78c);
[ ]
Bank as defined in Section 3(a)(6) of the Act (15 U.S.C. 78c);
[ ]
Insurance company as defined in Section 3(a)(19) of the Act (15 U.S.C. 78c);
[ ]
Investment company registered under Section 8 of the Investment Company Act of 1940 (15 U.S.C 80a-8);
[X]
An investment adviser in accordance with 240.13d-1(b)(1)(ii)(E);
[ ]
An employee benefit plan or endowment fund in accordance with 240.13d-1(b)(1)(ii)(F);
[ ]
A parent holding company or control person in accordance with 240.13d-1(b)(1)(ii)(G);
[ ]
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
[ ]
A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
[ ]
A non-U.S. institution in accordance with 240.13d-1(b)(1)(ii)(J);
[ ]
Group, in accordance with 240.13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with 240.13d1(b)(1)(ii)(J), please specify the type of institution:
ITEM 4.OWNERSHIP(a) Amount beneficially owned:187,434(b) Percent of class:0.41%(c) Number of shares as to which the person has:(i) sole power to vote or to direct the vote:187,434(ii) shared power to vote or to direct the vote:187,434(iii) sole power to dispose or direct the disposition of:187,434(iv) shared power to dispose or to direct the disposition of:187,434ITEM 5.OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS:
[X].
ITEM 6.OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON:
ITEM 7.IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY:
ITEM 8.IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP:
ITEM 9.NOTICE OF DISSOLUTION OF GROUP:
ITEM 10.CERTIFICATION:
