Excel Maritime Gets Go-Ahead To Solicit Votes On Ch. 11 Plan
By Maria Chutchian
Law360, New York (December 11, 2013, 3:49 PM ET) -- Excel Maritime Carriers Ltd. got a New York bankruptcy judge’s approval Tuesday to solicit creditors' votes on its reorganization plan, which now offers senior lenders a majority stake in the restructured entity and reduces Excel’s prepetition debt from $920 million to $300 million.
U.S. Bankruptcy Judge Robert D. Drain released an order approving Excel’s disclosure statement that allows creditors to vote on the plan, saying it “is in the best interests of the debtors, their estates, their creditors and all parties in interest.”