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Excel Maritime restructuring approved

Shipowner Gabriel Panayotides' stock listed bulk carrier Excel Maritime has sidestepped a bankruptcy and can now move on to a restructuring of the company, as the process is approved by a US court.

Photo: LARS KRABBE

Greek shipowner and former main shareholder in Torm, Gabriel Panayotides, can move on in the process related to dry bulk carrier Excel Maritime, which has spent a long time balancing on the bring of bankruptcy. However, on Monday a US court approved the company's restructuring plan at a hearing in New York, according to several media.

The plan will cut more than USD 600 million of the carrier's debt, reducing it from USD 921 million to USD 300 million, and Excel Maritime CFO Pavlos Kanellopoulos was pleased with the result of the hearing, calling it a good day for the company, reports Lloyd's List. The restructuring plan was approved by both creditors and lenders.

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