Bankrupt Excel Sent To Mediation With Lenders, Creditors

Law360, New York (September 16, 2013, 7:24 PM EDT) -- A bankruptcy judge on Friday ordered Excel Maritime Carriers Ltd. and its unsecured creditors and secured lenders into mediation to see if they can resolve their disputes surrounding the company’s prepackaged plan, which has been a major point of contention since the start of the case.

U.S. Bankruptcy Judge Robert D. Drain assigned the mediation to U.S. Bankruptcy Judge James M. Peck, who recently oversaw mediation in Residential Capital LLC that resulted in a consensual Chapter 11 plan.

“The court concludes that mediation may contribute to...
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