Excel Maritime Says Creditors Can't Touch $20M In Escrow

Law360, New York (September 10, 2013, 7:09 PM ET) -- Excel Maritime Carriers Ltd. on Monday urged a New York bankruptcy judge to reject its creditors’ bid to access $20 million sitting in an escrow account, saying that money belongs to the entity that is slated to take over the shipping company when it exits bankruptcy.

In a cross-motion for summary judgment in the official committee of unsecured creditors’ adversary proceeding, Excel contends the funds were placed into the account as part of a March 2012 agreement with senior lenders that would allow Excel to defer...
To view the full article, register now.