Excel Maritime Ch. 11 Plan Confirmed By Judge

Law360, New York (January 27, 2014, 1:19 PM EST) -- A New York bankruptcy judge on Monday approved Excel Maritime Carriers Ltd.’s Chapter 11 reorganization plan, which 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 verbally confirmed the unanimously supported plan after a very short hearing, during which Excel Maritime also chose to waive the 14-day stay of the judge’s confirmation orders, according to Excel Maritime’s attorneys from Skadden Arps Slate Meagher & Flom LLP.

The revised...
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