When Gabriel “Villy” Panayotides walked away from any further attempts to save his majority stake in Torm of Denmark last year, the conventional wisdom was that the Greek shipowner was marshalling his resources to save the company he could save — listed dry-bulk owner Excel Maritime.
But as Excel’s troubles deepen and restructuring talks drag on with little word from the company, it is by no means clear that Panayotides will be willing or able to save Excel either.
