There are two very different breeds of US bankruptcy. One is the 'freefall': sudden, chaotic, vitriolic, and frequently ending in liquidation. The other is the 'pre-pack', wherein creditors and debtors pre-negotiate a plan and use Chapter 11 to wipe out dissidents. Erstwhile dry bulk major Excel Maritime - the latest casualty of the multi-year rate slump - is gearing up for a pre-pack. Yet its swift re-emergence is not yet assured, because although Excel has senior lenders aboard, it is a good bet that bondholders are not.
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