Excel Maritime Announces Confirmation of Plan of Reorganization
Excel's Debt to be Reduced by over $600 Million
Company Expects to Emerge from Chapter 11 in mid-February 2014
HAMILTON, Bermuda, Jan. 27, 2014 /PRNewswire/ -- Excel Maritime Carriers Ltd. ("Excel"), an owner and operator of dry bulk carriers, today announced that the United States Bankruptcy Court for the Southern District of New York (the "Court") confirmed the Amended Joint Chapter 11 Plan of Reorganization (the "Plan"), which has the support of the Company's senior secured lenders and unsecured creditors. The Plan was unanimously accepted by Excel's two voting classes, with 100% of the class of secured lenders and approximately 92% of the class of impaired Excel general unsecured creditors, by value, voting in favor. Excel expects to emerge from Chapter 11 in mid-February 2014.
Upon completion of the restructuring process, the Company's total prepetition debt of $920 million will be reduced to approximately $300 million. Gabriel Panayotides, Chairman of the Board, together with the other members of Excel's management team, will continue to lead the Company.
Excel's operations have continued in the ordinary course throughout the restructuring process and it will continue providing high-quality and efficient seaborne transportation services moving forward.
The Company would like to thank its advisors, Skadden, Arps, Slate, Meagher & Flom LLP and Miller Buckfire & Co. LLC, as well as the advisors of its creditors.
About Excel Maritime Carriers Ltd.
Excel is an owner and operator of dry bulk carriers and a provider of worldwide seaborne transportation services for dry bulk cargoes, such as iron ore, coal and grains, as well as bauxite, fertilizers and steel products. Excel currently owns and operates a fleet of 36 vessels (six Capesize, 14 Kamsarmax, 14 Panamax and two Handymax vessels), one of which, a Capesize vessel, is owned by a joint venture in which Excel beneficially owns a 71.4% interest, with a total carrying capacity of approximately 3.3 million DWT. For more information about Excel, please go to its corporate website www.excelmaritime.com.
Forward-Looking Statements
This press release contains forward-looking statements (as defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended) concerning future events and Excel's growth strategy and measures to implement such strategy, including expected vessel acquisitions and entering into new time charters.
Words such as "will," "should," "expect," "intend," "plan," "believe," "anticipate," "hope," "estimate," and variations of such words and similar expressions, which are predictions of, or indicate future events and future trends, which do not relate to historical matters, identify forward-looking statements.
Although Excel believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Shareholders and prospective investors are cautioned not to place undue reliance on these forward-looking statements.
These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of Excel. Actual results may differ materially from those expressed or implied by such forward-looking statements (and from past results, performance and achievements). Factors that could cause actual results to differ materially include, but are not limited to, changes in demand for dry bulk vessels, competitive factors in the market in which Excel operates, risks associated with operations outside the United States, and other factors listed from time to time in Excel's filings with the U.S. Securities and Exchange Commission. These forward-looking statements are made as of the date hereof and are not intended to give any assurance as to future results. Excel expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein, whether to reflect new information, changes in events, conditions or circumstances on which such statements are based, or otherwise.
Contacts:
Media:
Andy Brimmer / Andrew Siegel / Aaron Palash
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449
Company:
Pavlos Kanellopoulos
Chief Financial Officer
Excel Maritime Carriers Ltd.
17th Km National Road Athens-Lamia &
Finikos Street
145 64 Nea Kifisia
Athens, Greece
Tel: 011-30-210-62-09-520
Fax: 011-30-210-62-09-528
E-Mail: [email protected]
www.excelmaritime.com
SOURCE Excel Maritime Carriers Ltd.
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article