Struggling shipping company Excel Maritime Carriers Ltd. is nearing a restructuring deal with its lenders but could still have to file for chapter 11 in the U.S., Dow Jones Daily Bankruptcy Review reported today. A restructuring professional said that he believes the company is "close" to hashing out a deal with lenders under its $1.4 billion syndicated credit facility. But a negotiated bankruptcy filing could also be in Excel's future, since the company still has $150 million in convertible debt it needs to deal with.
