The walls appear to be closing a little tighter around struggling Greek shipowner Excel Maritime Carriers following new developments from within its banking group.

Nordea Bank has sold its senior debt extended to the bulker company to leading US finance houses Oaktree and Goldman Sachs.

The lender loss is a major negative for the Gabriel “Villy” Panayotides-led company.

In an e-mail response at Trade­Winds’s press time, Excel management maintained that any transfer of bank debt from a syndicate member to a new entity requires the approval of Excel, and such was granted to Nordea in this case.

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