Gabriel Panayotides News

Excel Maritime Carriers Ltd., an owner and operator of dry bulk carriers, today announced that the United States Bankruptcy Court for the Southern District of New York confirmed the Amended Joint Chapter 11 Plan of Reorganization, which has the support of the company's senior secured lenders and unsecured creditors. The plan was unanimously accepted by Excel's two voting classes, with 100% of the class of secured lenders and approximately 92% of the class of impaired Excel general unsecured creditors, by value, voting in favor. Excel expects to emerge from Chapter 11 in mid-February 2014. Upon completion of the restructuring process, the company's total prepetition debt of $920 million will be reduced to approximately $300 million.

Excel Maritime Carriers Ltd. say they have reached an agreement on the terms of a modified plan of reorganization with its senior secured lenders and the Official Committee of Unsecured Creditors, which was filed with United States Bankruptcy Court for the Southern District of New York. "We are pleased to have reached this agreement with our lenders and bondholders, which positions Excel Maritime for future growth and success," said Gabriel Panayotides, Chairman of the Board.

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…

Excel Maritime Carriers, owners & operators of a large fleet of dry bulk carriers, become the latest casualty of the downturn in the shipping industry, but sets financial plans for recovery. The company says t has reached an agreement in principle with a steering committee of its senior lenders on the terms of a financial restructuring to strengthen its balance sheet. Up to $50 million infusion of capital as a result of an agreement between the senior lenders and an entity affiliated with the family of Gabriel Panayotides, Excel Maritime's Chairman of the Board of Directors.

Excel Maritime Carriers Ltd., an owner and operator of dry bulk carriers and an international provider of worldwide seaborne transportation services for dry bulk cargoes, has announced that it has reached an agreement in principle with a steering committee of its senior lenders on the terms of a financial restructuring to strengthen its balance sheet. Through this agreement, Excel Maritime expects to reduce its funded indebtedness and enhance its liquidity profile with the support of its senior lenders as it continues to provide first class service as a premier provider of dry bulk transportation services. Under the terms of the agreement…

Excel Maritime Carriers Ltd. (NYSE: EXM) and Quintana Maritime Limited (NASDAQ: QMAR) jointly announced that at a special meeting of Quintana’s shareholders held April 14, 2008, Quintana’s shareholders voted to approve the merger agreement pursuant to which Excel will acquire Quintana. Under the terms of the merger agreement, each issued and outstanding share of Quintana common stock will be converted into the right to receive (i) $13.00 in cash and (ii) 0.4084 Excel Class A common shares. The 0.4084 exchange ratio will be reduced to reflect the $0.31 dividend paid by Quintana to its shareholders on March 7, 2008, in accordance with the terms of the merger agreement. Excel and Quintana expect the merger to close on or about April 15, 2008.

Excel Maritime Carriers Ltd., an owner and operator of dry bulk carriers and a provider of worldwide seaborne transportation services for dry bulk cargoes, announced today that it has appointed Mr. Gabriel Panayotides as acting Chief Executive Officer pending the consummation of its acquisition of Quintana Maritime Limited. About