Creditors Look To Nix Excel Maritime's Control In Ch. 11

Law360, New York (August 05, 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...
To view the full article, take a free trial now.
Try Law360 for free for seven days
Already a subscriber? Click here to login

Already have access?

  1. Forgot your password?
  2. Sign In

Get instant access to the one-stop news source for business lawyers