Dec 20 (Reuters) - Scorpio Bulkers Inc :
* . ANNOUNCES EXIT FROM DRY BULK SECTOR, CLASSIFYING ITS FLEET AS HELD FOR SALE, GIVING NOTICE TO TERMINATE AGREEMENTS WITH ITS VESSEL MANAGERS, AND INTENTION TO CHANGE THE COMPANY NAME
* EXPECTS TO RECORD A WRITE-DOWN RANGING FROM $475.0 MILLION TO $500.0 MILLION ON VESSELS SOLD AND CLASSIFIED AS HELD FOR SALE
* COMPANY WILL ALSO WRITE-OFF APPROXIMATELY $10.0 MILLION OF DEFERRED FINANCING COSTS AS OUTSTANDING DEBT IS REPAID
* BOARD OF DIRECTORS HAS ALSO RESOLVED TO SEEK SHAREHOLDERS' APPROVAL TO CHANGE NAME OF COMPANY
* PROPOSED NEW NAME OF COMPANY WILL BE ANNOUNCED ON OR BEFORE JANUARY 8, 2021
* SCORPIO BULKERS-SUBMITTED NOTICE OF TERMINATION, EFFECTIVELY ENDING ITS RELATIONSHIP WITH SCORPIO COMMERCIAL MANAGEMENT S.A.M. & SCORPIO SHIP MANAGEMENT S.A.M
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