As part of the restructuring arrangement Excel will receive $80m of liquidity, $50m as part of an equity deal between its lenders and a company owned by Mr. Panayotides, chairman of the board at Excel, and a further $30m in previously restricted cash.
Excel estimates its total enterprise value at $575m to $625m; it has a senior syndicated bank debt of $771m. The chapter 11 papers were filed yesterday with courts in the Southern District of New York.
Despite being expected, the announcement on June 11 that the company was considering filing for protection sent ripples through the Greek shipowning community, as detailed by David Glass and was a hot topic in shipping finance circles in the run up recent Marine Money conference, as covered by Barry Parker earlier this month.
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