Excel Maritime Docks In Ch. 11 With Lenders' Backing

Law360, Chicago (July 2, 2013, 3:45 PM EDT) -- Dry bulk shipper Excel Maritime Carriers Ltd. filed for bankruptcy in New York on Monday after getting its lenders on board with a prepackaged reorganization plan that will inject $80 million of much-needed capital into the business.

The Athens, Greece-based company listed $2.7 billion in assets against $1.1 billion of debt in its Chapter 11 petition, joining a host of other shipping firms that have sought court protection in recent years complaining of plunging charter rates and vessel oversupply.

"We are confident that we are taking...
To view the full article, register now.