Excel Maritime wins OK for vessel sale, final approval for cash use

By Lisa Kerner

Charlotte, N.C., Aug. 6 - Excel Maritime Carriers Ltd. received court approval for the sale of its M/V Mairouli and M/V July M vessels, according to an attorney familiar with the case.

Stalking horse bidder Credit Suisse AG, Switzerland is the purchaser with a credit bid of about $43.2 million, according to documents filed Tuesday with the U.S. Bankruptcy Court for the Southern District of New York.

As previously reported, if Credit Suisse were the successful bidder, the transaction would be completed by a transfer by Excel of the shares in Odell International SA and Minta Holding SA, with Credit Suisse directing the stock to Blueberry Shipping Inc.

Blueberry is a company affiliated with Excel business development officer and board secretary Ismini Panayotides.

According to a prior court document, the transaction will involve a share sale rather than an asset sale to avoid Credit Suisse taking actual title to the vessels. The structure also facilitates entry into a modified Odell/Minta facility.

The court also granted final approval for the company's use of cash collateral, despite objections from an informal committee of unaffiliated holders of Excel's 1.875% convertible senior notes due 2027 to the cash collateral motion.

Excel Maritime said Minta Holding and Odell International Chapter 11 cases will be dismissed upon closing of the sale.

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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