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
Photo: LARS KRABBE
BY KATRINE GRØNVALD RAUN

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.

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