Excel Maritime exclusive plan solicitation period extended to Feb. 17

By Caroline Salls

Pittsburgh, Dec. 9 - Excel Maritime Carriers Ltd.'s exclusive period for soliciting acceptances of its Chapter 11 plan of reorganization was extended through Feb. 17 from Dec. 30, according to a Dec. 9 filing with the U.S. Bankruptcy Court for the Southern District of New York.

As previously reported, the company filed an amended plan on Nov. 27. Excel said the court reserved Jan. 27 as the plan confirmation hearing date.

According to the extension motion, the company's 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 said the amended plan would address "a number of complex issues."

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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