Excel Maritime Carriers Ltd. has been cleared to start the polling on a Chapter 11 debt restructuring plan that was drastically revised to pick up key support.

Judge Robert D. Drain signed off on the package of materials going to creditors entitled to vote on the plan, which proposes to swap out debt for equity and some new debt.

Excel filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court in White Plains, N.Y., July 1, having reached a deal with senior lenders on a restructuring.

Junior creditors and a primary business connection, Robertson Maritime Investors LLC, attacked the original plan on the grounds it would have allowed the family of chairman Gabriel Panayotides to hold on to control of the company after bankruptcy, while many creditors went largely unpaid.

The dispute threatened to break into a full-blown battle if Excel attempted to push the original plan through to confirmation. Mediation produced the new restructuring deal, which has the support of the official committee of unsecured creditors as well as holders of more than 80% of the senior debt.

Robertson Maritime, which owns part of a joint venture that owns one of Excel's carriers, the M/V Christine, has challenged the new plan, saying it should be exposed to better offers at an auction.

Excel responded that no auction was required as creditors don't need to be advised of alternatives. Additionally, Excel said it had updated its financial information provided as part of the voting materials.

As it had earlier, Robertson pointed to a key indicator of profitability in the industry where Excel operates, the Baltic Dry Index, which is based on the day rates for vessels that carry big loads of goods like iron ore over the oceans.

When Excel negotiated its original restructuring plan, the index had fallen under 700, Robertson said. In September and October, the index went over 2000. Excel, in short, is poised to make money, according to the joint venture partner.

Excel's improved fortunes should be clearly spelled out for creditors, Robertson contended. The company said it did provide updated financial for creditors to evaluate.

Robertson and Excel are wrangling over ownership of the Christine, due to an intracompany reshuffling that Robertson says triggered its right of first refusal. Excel denies the right was triggered.