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...
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.