Excel Maritime Receives Court Approval Of $43.2 Million Sale of Shipping Vessels

The U.S. Bankruptcy Court for the Southern District of New York approved the sale of two vessels of Excel Maritime Carriers Ltd. on Aug. 6 (In re Excel Maritime Carriers Ltd., Bankr. S.D.N.Y., No. 13-23060 (RDD)).

According to court documents, the order authorized the sale of two vessels, the M/V Mairouli and the M/V July M, free and clear of liens, interests, and encumbrances and the dismissal of the bankruptcy cases of debtor-subsidiaries Odell International Ltd., and Minta Holdings S.A. Court documents provide that the debtors engaged in significant efforts to obtain a price higher than that offered ...