Excel Maritime vessel sale closes; Minta and Odell cases dismissed

By Caroline Salls

Pittsburgh, Aug. 8 - Excel Maritime Carriers Ltd.'s sale of its M/V Mairouli and M/V July M vessels to stalking horse bidder Credit Suisse AG closed on Wednesday, according to a Thursday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The sale was approved by the court on Tuesday.

As previously reported, Credit Suisse submitted a credit bid of about $43.2 million.

The transaction was completed via 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.

The transaction involved 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.

In connection with the sale closing, Minta Holding and Odell International's Chapter 11 cases were dismissed.

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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