Eagle Bulk (Nasdaq: EGLE) shares soar after agreement with lenders

Northern, WI 6/21/12 (StreetBeat) -- Shares of Eagle Bulk Shipping Inc (Nasdaq:EGLE) rose as much as 42 percent on Thursday, after the drybulk shipper's lenders agreed to waive any defaults.

The debt-laden company's lenders, led by Royal Bank of Scotland Plc (NYSE:RBS), agreed on Wednesday to convert a $1.13 billion debt to a term loan which matures in 2015.

"We view the avoidance of bankruptcy and the conversion of its credit facility into a non-amortizing term loan expiring at the end of 2015 as at the positive end of possible outcomes," Citigroup analyst Christian Wetherbee wrote in a note.

The agreement comes at a time when banks are tightening credit lines to the shipping industry and resorting to seizure of the defaulters' vessels.

The company's shares were trading up as much as 41 percent at $4.20 in early trade on Thursday.

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Friday’s biggest gaining and declining stocks

Palm Beach, FL 6/15/12 (StreetBeat) – The following stocks were making notable moves Friday in U.S. stock trading:

Gainers

Royal Bank of Scotland Group PLC’s (NYSE:RBS) U.S. shares added 8%. U.K. banks were boosted by a speech late Thursday by Chancellor George Osborne that the Bank of England will activate an emergency lending program under which auctions of short-term sterling liquidity can be held at any time. Osborne further said the Treasury will provide cheap funds to domestic banks if they boost lending to British households and companies.

YPF SA’s (NYSE:YPF) U.S. shares jumped 12% after Carlos Slim, the Mexican billionaire, revealed he had taken a more than 8% stake in the Argentine energy company.

Decliners

Dyax shares (Nasdaq:DYAX) fell 9%. The company said it will discontinue Phase 2 clinical trial of its drug ecallantide for a type of angioedema.

MicroVision Inc. (Nasdaq:MVIS) shares fell 24%. The firm said it would make a secondary public offering of common shares and warrants to purchase common stock..

II-VI, Inc. (Nasdaq:IIVI) was down 9% after the company cut its profit outlook for the current quarter and full fiscal year.

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