Creditors Look To Nix Excel Maritime's Control In Ch. 11
By Maria Chutchian
Law360, New York (August 5, 2013, 6:39 PM ET) -- Creditors of Excel Maritime Carriers Ltd. on Friday asked a New York bankruptcy judge to terminate the shipping company’s exclusive 120-day period to file a Chapter 11 plan so that a rival plan can be submitted, once again voicing its dismay over the current proposal.
The official committee of unsecured creditors argued in court papers that while it is unusual to request that a debtor’s exclusivity period be cut off, Excel’s pre-negotiated plan is unique — and it is in the best interest of the estate...