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 Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Thai Resort Owners Sue State Owned Company for Oil Spill

Business owners on Koh Samet island are suing a state-owned petroleum enterprise for the oil spill that polluted the resort island's beaches last year. More than 50,

Nigerian Piracy Threatens UK Interests: New Report

The UK economy is heavily exposed to lawlessness off the coast of Nigeria, a new report published today by the UK Chamber of Shipping says. The report found that almost all of the UK’s annual £6.

Maine Port City Bans Oil Loading

City councilors in South Portland, Maine, voted late Monday night to ban the loading of crude oil onto tankers along its waterfront, throwing up yet another roadblock

Bulk Carrier Trends

Freeport Says Indonesia Exports Could Resume Soon

Freeport-McMoRan Inc said on Wednesday it expects to "imminently" sign an agreement with Indonesia that would enable it to immediately resume copper concentrate

Global Ocean Trade: Latest Shipbuilding Orders

No tankship orders noted the past week by Clarkson Hellas in their latest S&P Weekly Bulletin, but no lack of orders in the dry bulk carrier market, all from Far East shipbuilders.

Scorpio Bulkers Gets $540m Loan for Newbuilds

Scorpio Bulkers Inc. announced that it has received a commitment for a $540 million loan facility and provides an update on the financing of its fleet. On July 21,

Finance

Trading Dutch Well Placed to Pursue Russia Sanctions

The seafaring Netherlands prides itself on being a trading nation, reluctant to let politics get in the way of a good deal. But since the downing, allegedly

Navios Announces VLCC Delivery

Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, has announced that the Nave Electron, a 2002-built VLCC of 305,178 dwt, was delivered

Scorpio Tankers: Latest Financial & Ship Delivery News

Scorpio Tankers Inc. says it has updated its stock buyback program; lists its latest new vessel deliveries, and gives the release date of its second quarter 2014 earnings report.

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion Salvage Ship Electronics Ship Simulators
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1394 sec (7 req/sec)