Bulk Carrier Owner Excel Files Chapter 11 Bankruptcy

MarineLink.com
Tuesday, July 02, 2013
Bulker MV Christine: Photo courtesy of Excel Maritime Carriers

Excel Maritime Carriers has entered into an agreement with its senior lenders on the terms of a financial restructuring, having now necessarily filed Chapter 11 petitions for relief in the United States Bankruptcy Court for the Southern District of New York.

The agreement, which has the support of Excel Maritime's senior secured lenders, is substantially similar to the previously announced agreement in principle the Company reached with the steering committee of its senior lenders and provides the Company with up to $80 million of additional liquidity, significantly strengthens its financial profile and positions Excel Maritime for future growth and success.

Excel Maritime state that the restructuring process is expected to have no impact on suppliers and Excel Maritime has taken steps to ensure continued supply of goods and services to its customers.

"Today, with the strong support of our senior lenders, we are moving forward with a financial restructuring," said Gabriel Panayotides, Chairman of the Board.  "We are confident that we are taking the right actions and we believe that the agreement that we signed today with our senior lenders and the court-supervised process provide for a clear and expedited path to strengthen our financial profile and position Excel Maritime for future growth and success.  We appreciate the continued support of our customers and suppliers, and we look forward to creating an even brighter future for Excel Maritime through this process."

Under the terms of the agreement Excel Maritime will receive:

  • Up to $50 million of capital as a result of an agreement between the senior lenders and an entity affiliated with the family of Mr. Panayotides. Under the terms of that agreement, this entity will receive a majority of the equity in Excel Maritime.
  • The release of an additional $30 million of currently restricted cash.

Excel currently owns and operates a fleet of 38 vessels (six Capesize, 14 Kamsarmax, 14 Panamax, two Supramax and two Handymax vessels), one of which, a Capesize vessel, is owned by a joint venture in which Excel beneficially owns a 71.4% interest, with a total carrying capacity of approximately 3.4 million DWT

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Drug Interception at Red Hook Container Terminal

Approximately 121 pounds of heroin and eight pounds of cocaine were discovered in a shipping container of vegetables that was moving from Ecuador to Miami, Fla.

Royal Caribbean's Revenue up 5.6%

Royal Caribbean Cruises Ltd reported a 5.6 percent rise in quarterly revenue, helped by higher passenger ticket revenue and onboard spending, sending the company's

ICS Criticises 'Prestige’ Judgement by Spanish Court

At a meeting of the International Oil Pollution Compensation Funds (IOPCF) this week, the International Chamber of Shipping (ICS) has strongly criticised the judgement

Bulk Carrier Trends

Baltic Index Down on Lower Capesize, Panamax Rates

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, slipped on Friday, as demand for capesize and panamax vessels fell.

Aging Seaborne Steel Products

In 2015, seaborne steel products trade accounted for around a fifth of minor bulk trade, having grown on average by 6 percent per annum since 2010, according to Clarksons Research.

Entrance to Port of Santos Reopens

The entrance to Brazil's largest  reopened on Thursday, after rough seas prevented ships from entering or leaving for more than 30 hours during peak soy export season.

Finance

MARAD: $5 Mln Available for Marine Highway Projects

The Maritime Administration (MARAD) has announced the availability of $5 million in Federal funding to expand marine highway service by creating new or expanding

Baltic Index Down on Lower Capesize, Panamax Rates

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, slipped on Friday, as demand for capesize and panamax vessels fell.

Oil Rally is Not Just About Hedge Funds: Kemp

Oil prices are becoming dangerously overheated as speculators anticipate a rebalancing of supply and demand that has barely started, according to many oil analysts.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Pod Propulsion Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1322 sec (8 req/sec)