The agreement on a modified plan of reorganisation will also leave Gabriel Panayotides at the helm of a restructured company, although his stake in the company is certain to shrink.
The deal will see the bulker owner, which is under bankruptcy protection in the United States, convert a significant chunk of its debt to equity. The Athens-based owner of 36 ships says the arrangement will give it increased financial flexibility.
“We are pleased to have reached this agreement with our lenders and bondholders, which positions Excel Maritime for future growth and success,” said Panayotides, the company’s chairman and chief executive.
