Excel Maritime Announces Agreement On Terms Of Plan Of Reorganization

HAMILTON, Bermuda, Nov. 27, 2013 /PRNewswire/ -- Excel Maritime Carriers Ltd. ("Excel"), an owner and operator of dry bulk carriers, today announced that it has reached an agreement on the terms of a Modified Plan of Reorganization (the "Plan") with its senior secured lenders and the Official Committee of Unsecured Creditors (the "UCC"), which was filed with United States Bankruptcy Court for the Southern District of New York (the "Court"). 

"We are pleased to have reached this agreement with our lenders and bondholders, which positions Excel Maritime for future growth and success," said Gabriel Panayotides, Chairman of the Board.  "This is a significant development that sets the path for us to exit from Chapter 11, which we anticipate to occur in February 2014."

As part of the Plan, Excel Maritime's senior secured lenders and its bondholders have agreed to convert certain debt to equity, thereby positioning the Company for increased financial flexibility.  After the completion of the restructuring process, the Company's total prepetition debt of $920 million will be reduced down to $300 million.  In addition, Excel's management team, under the leadership of Mr. Panayotides, will drive the Company's future growth. 

Excel's operations have continued in the ordinary course throughout the restructuring process and it will continue providing its high-quality and efficient seaborne transportation services moving forward. 

The Plan is subject to the approval of voting creditors and confirmation by the Court.  The Company anticipates commencing solicitation on the Plan in mid-December.  The Court has reserved January 27, 2014 to hold a confirmation hearing on the Plan.  This release is not intended as a solicitation for a vote on the Plan.

Additional information about Excel Maritime's financial restructuring is available at 212-771-1128.  A website has also been set up by Excel Maritime's Claims Agent containing the motions filed with the Court, other Court documents and other general information at www.donlinrecano.com/exm.

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 3.4 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.

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