Troubled Greece-based Excel Maritime Carriers has agreed with its lenders to effectively extend its equity raising commitment through December 31, 2012. Excel Maritime Carriers has agreed with its lenders under its $1.4bn syndicated credit facility to effectively extend, subject to certain conditions, its equity raising commitment through December 31, 2012 and waived certain covenants. In addition, on October 1, 2012, Excel exercised its option to defer the instalment of $24.3mn due on that date. Pavlos Kanellopoulos, Chief Financial Officer, commented: “The Company has a supportive banking group with which we will continue to work cooperatively over the next months.