New York Court Grants Interim Relief to Marco Polo

Wednesday, August 03, 2011

Netherlands-based Marco Polo Seatrade BV has been granted interim relief by a New York court which will allow it to continue to operate the business in the ordinary course under Chapter 11 protection.

The court granted Marco Polo, a company managed by Seaarland Shipping Management, the right to continue to operate and pay all operating expenses, the right to continue to pay employees and crew, the right to continue all cash management procedures, and the right to continue to maintain all insurance - all in the ordinary course of business.

The management team continues to operate the business and the company will continue to honor all of its charter obligations during the pendency of the court protection. The company believes that the Chapter 11 filing will help it complete a restructuring process designed to restore the company to long-term financial health.  The filing includes the following vessels: Montiron, Diana, Laura, Beth, Louise and Meg. 

Maritime Reporter September 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Captain of Ill-fated El Faro was Known as Trusted Mariner

The captain of the ill-fated cargo ship that sank in a hurricane off the Bahamas with no survivors last week was an experienced and highly trusted mariner who had spent a lifetime on the water,

Cordero Reconfirmed as FMC Commissioner

Mario Cordero was reconfirmed today as a U.S. Federal Maritime Commissioner.   Cordero joined the Federal Maritime Commission (FMC) as a Commissioner on June 3,

Chiarello: TOTE Continues Support to El Faro Families

Anthony Chiarello, President & CEO of TOTE, owner of the cargo ship presumed to have sunk with 33 mariners aboard last week amid Hurricane Joaquin, issued a statement


Former Shipping Execs Indicted on Price-fixing

Three former executives of ocean freight shipping firms have been indicted for participating in a long-running price-fixing conspiracy, the U.S. Justice Department announced.

Vigilance Still Crucial in Indian Ocean

Organisations representing the global shipping and oil industry have announced that the size of the ‘High Risk Area’ for piracy in the Indian Ocean has been

USS Fort Worth Completes CARAT Exercise with Bangladesh Navy

The littoral combat ship USS Fort Worth (LCS 3) completed its first Cooperation Afloat Readiness And Training (CARAT) exercise with Bangladesh in the Bay of Bengal, Oct.

Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Navigation Pipelines Pod Propulsion Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2594 sec (4 req/sec)