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SUBSEQUENT EVENTS | 6 Months Ended
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Jun. 30, 2015
SUBSEQUENT EVENTS |
SUBSEQUENT EVENTS | 23 - SUBSEQUENT EVENTS On July 17, 2015, the Merger with Baltic Trading was approved at the Annual Meeting. Refer to Note 1 — General information for further information. Additionally, on July 14, 2015 Baltic Trading and certain of its wholly owned subsidiaries entered into the Amendment and Consent Agreements to amend, provided consents under, or waive certain provision of the Baltic Trading $22 Million Term Loan Facility, the 2014 Baltic Trading Term Loan Facilities and the Baltic Trading $148 Million Credit Facility. Refer to Note 9 — Debt for additional information. On July 17, 2015, when the Merger was completed, the Company executed a guaranty of the obligations of the borrowers under the Baltic Trading $22 Million Term Loan Facility, the 2014 Baltic Trading Term Loan Facilities and the Baltic Trading $148 Million Credit Facility. The execution of the guarantees, together with certain other items that were previously delivered, satisfied all conditions to the effectiveness of all provisions of the Amendment and Consent Agreements. Refer to Note 9 — Debt for additional information. On August 6, 2015, the Company took delivery of the Baltic Scorpion, a 63,462 dwt Ultramax newbuilding from Yangfan Group Co., Ltd. The Company utilized cash on hand and $16,500 of proceeds from the $33,000 term loan facility under the Baltic Trading $148 Million Credit Facility to pay the remaining balance of $19,600 for the Baltic Scorpion.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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