Excel Maritime seeks to extend solicitation period due to revisions

By Lisa Kerner

Charlotte, N.C., Nov. 25 - Excel Maritime Carriers Ltd. asked the court to extend its exclusive period during which it may solicit acceptances of its Chapter 11 plan of reorganization, according to documents filed with the U.S. Bankruptcy Court for the Southern District of New York.

The company wants to extend the exclusive period up to and including Feb. 17 from Dec. 30.

A hearing is scheduled for Dec. 6.

The debtors, creditors' committee, the debtors' pre-petition secured lenders and Ivory Shipping, Inc. together have reached agreement on the terms of a revised, consensual plan, the filing stated.

As a result, the debtors plan to file a revised plan and disclosure statement by Nov. 26. The court will consider approval of the revised disclosure statement on Dec. 6 and has reserved Jan. 27 as the date to consider confirmation of the revised plan.

Excel Maritime said its Chapter 11 cases involve "hundreds of parties in interest and a complex capital structure consisting of approximately $771 million in senior secured debt, $150 million in unsecured convertible notes and $4.3 million in unsecured interest rate swap liabilities."

In addition, the company expects to address "a number of complex issues" in its amended plan.

Excel is an Athens-based owner and operator of dry bulk carriers and a provider of seaborne transportation services for dry bulk cargoes. The company filed for bankruptcy on July 2 under Chapter 11 case number 13-23060.

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