Excel Maritime's Revised Plan Offers Lenders Equity

Law360, New York (November 27, 2013, 4:35 PM EST) -- Excel Maritime Carriers Ltd. on Wednesday unveiled an amended reorganization plan that offers senior lenders a majority stake in the restructured entity and reduces the company’s prepetition debt from $920 million to $300 million.

The changes came after the dry bulk shipper spent several months butting heads with unsecured creditors and bondholders who claimed they were being offered too little in the earlier version of the plan. The updated proposal has the support of senior secured lenders and the official committee of unsecured creditors.

"We are...
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