The U.S. Bankruptcy Court approved Excel Maritime Carriers’ motion to extend the exclusive period during which the Company can solicit acceptances for its plan through and including February 17, 2014. As previously reported, “The Debtors’ chapter 11 cases involve hundreds of parties in interest and a complex capital structure consisting of approximately $771 million in senior secured debt, $150 million in unsecured convertible notes, and $4.3 million in unsecured interest rate swap liabilities. In addition to the sheer size of these chapter 11 cases, the Debtors’ reorganization involves a number of complex issues, many of which will be addressed as part of the Debtors’ amended chapter 11 plan. Although the Debtors have accomplished a great deal in a relatively short period of time, the Debtors require an extension of the Exclusive Period.”
About Kerry Mastroianni
Kerry Mastroianni, the editor of The Distressed Company Alert, has been researching distressed and bankrupt companies for over 18 years. As a 10-year employee of New Generation Research, she is also a data editor for Bankruptcy Week and the editor for our annual Bankruptcy Yearbook & Almanac. Prior to Kerry’s employment at NGR, she worked for eight years as a research analyst for KPMG’s corporate recovery practice.