Flightrider, are you suggesting that Excel themselves are in financial straights ?
I ask because I recall reading that Excel's parent company ( Libra Holidays Group Ltd / "Libra" ? ) are solvent, but only in as much that this was achieved using what others might describe as dodgy accounting practises (apparently) and wherein they and / or Excel required significant 'help' to cover their bond.
Just what is the real truth behind Excel's & Libra's financial position ?