Excel Maritime Carriers files for bankruptcy protection

Excel Maritime Carriers Ltd, a Greek shipping company that operates 38 dry-bulk vessels, has filed for bankruptcy protection in the US after extending a voting deadline on a reorganization plan with senior lenders.

Excel listed assets of $2.7 billion and debt of $1 billion in a Chapter 11 petition filed on Monday in US Bankruptcy Court in White Plains, New York.

A group of senior lenders owed $771 million – backed by almost all of the company’s assets – signed off on a restructuring plan before the filing.