“I Will Survive”

After what must have been extremely difficult negotiations, Excel Maritime Carriers (“Excel”) cast more light on its previously announced restructuring in this week’s earnings announcement. Last week, the company announced that it had amended its Nordea Syndicated Facility and the Credit Suisse Bilateral Facility as well as secured the necessary covenant waivers for these facilities that are valid through January 2011. The amendments are highlighted in the two charts contained herein. The first shows the adjustments to the covenants as well as the increased margin. The second slide relates specifically to the Nordea loan and the agreed amended amortization, which

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