Excel Maritime Creditors Say Rival Plan Is In The Works

Law360, New York (July 31, 2013, 4:42 PM EDT) -- Creditors of Excel Maritime Carriers Ltd. on Tuesday said they are expecting bondholders to file a proposal that would rival the dry bulk shipper’s pre-packaged reorganization plan, which the creditors contend is unconfirmable.

Under Excel’s proposed plan, the company will receive up to a $50 million capital infusion and the release of another $30 million in restricted cash. Senior lenders will get a restructured $771 million credit facility and all stock in the reorganized company, according to court documents.

But creditors say the plan is unfair...
To view the full article, register now.




Case Information

Case Title

Excel Maritime Carriers Ltd., et al.

Case Number



New York Southern

Nature of Suit

Date Filed

July 1, 2013

Law Firms


UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.