Excel Maritime Carriers Ltd.(EXM), a provider of sea borne dry bulk cargo transportation services, Tuesday said it reached an agreement in principle with a steering committee of its senior lenders on the terms of a financial restructuring to strengthen its balance sheet. Through this agreement, Excel anticipates reduction of its debt and enhance its liquidity profile.
Pursuant to the terms of the agreement, Excel will receive up to $50 million infusion of capital following a deal between the senior lenders and an entity affiliated with the family of Gabriel Panayotides, Excel Maritime's Chairman. In return to this deal, the entity will receive a majority of the equity in Excel. Further, as a part of the agreement, an additional $30 million of currently restricted cash would be released to Excel.
Gabriel Panayotides said, "..Like other companies in our industry, Excel Maritime has been impacted by macro-economic conditions that have led to volatility and overall declines in charter rates. Securing up to $80 million of additional liquidity significantly strengthens our financial profile and positions Excel Maritime for future growth and success."
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