Bankruptcy News

We've summarized the latest docket activity and news for publicly traded companies currently operating under U.S. Bankruptcy Court protection.

Bonds / Post-Bankruptcy Stocks

Excel Maritime Carriers Plan Effective

Excel Maritime Carriers’ Amended Joint Chapter 11 Plan became effective, and the Company emerged from bankruptcy protection. The Court confirmed the Plan on January 27, 2014.Under the Plan, the Company’s total pre-petition debt of $920 million will be reduced to approximately $300 million. Gabriel Panayotides, chairman of the board, together with other members of Excel Maritime Carriers’ management team, will continue to lead the Company. In addition, “…[T]he claims held by holders of Excel’s 1.875% unsecured convertible senior notes will be allowed on the Effective Date in the amount of $152,005,566.41 on account of unpaid principal and interest due and owing as of the Petition Date....The Consenting Parties reserve all rights with respect to the amount of claims held by holders of Excel’s 1.875% unsecured convertible senior notes for all other purposes including, but not limited to, voting on and receiving distributions, in each case with respect to any plan of reorganization that is not consistent with the plan of reorganization described in the Plan Term Sheet.” This seaborne transport provider filed for Chapter 11 protection on July 1, 2013, listing $2.7 billion in total pre-petition assets.

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