Excel Maritime Creditors Say Rival Plan Is In The Works

Law360, New York (July 31, 2013, 4:42 PM ET) -- Creditors of Excel Maritime Carriers Ltd. on Tuesday said they are expecting bondholders to file a proposal that would rival the dry bulk shipper’s pre-packaged reorganization plan, which the creditors contend is unconfirmable.

Under Excel’s proposed plan, the company will receive up to a $50 million capital infusion and the release of another $30 million in restricted cash. Senior lenders will get a restructured $771 million credit facility and all stock in the reorganized company, according to court documents.

But creditors say the plan is unfair...
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