Panayotides and his family has decided to discontinue its various relationships with Excel, a statement said.
In the statement on Excel headed paper, it is explained the family has sold its equity interest in the company, which stood at 8.7% following its bankruptcy filing, and Panayotides’s resignation has been accepted.
The disposal of the stock comes a couple of weeks after Oaktree removed Panayotides as chief executive, leaving chief operating officer Kostas Koutsoubelis and chief financial officer Pavlos Kanellopoulos to run the company in a dual leadership structure
While some have branded the move a strategy shift for private equity in shipping, others have drawn parallels between the Excel drama and the action Oaktree took when assuming control of German’s Beluga Shipping.
It
