Under the terms of a revised credit facility, the New York-listed bulker owner must raise at least $30m in equity by the end of December.
Yesterday the company said it has collected $4m from the sale of six million shares since the debt restructuring and subsequent ATM fundraiser werefirst announced.
With only four months to go, Natasha Boyden of Global Hunter Securities says Excel would need to offload another 47 million shares on top of the 99 million outstanding at current levels to hit the target.
While
