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Excel Maritime Carriers Extension Approved

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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.”

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