Excel Reduces Debt by $600 Million
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. Gabriel Panayotides, Chairman of the Board, together with the other members of Excel's management team, will continue to lead the company.
Excel's operations have continued in the ordinary course throughout the restructuring process and it will continue providing high-quality and efficient seaborne transportation services moving forward.
Advisors include Skadden, Arps, Slate, Meagher & Flom LLP and Miller Buckfire & Co. LLC.