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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

MHI's Entity to Oversee Material Handling Equipment, Engine and Turbocharger Businesses

Today Mitsubishi Heavy Industries, Ltd. (MHI) decided in principle to launch a new wholly owned entity to integrally oversee its current businesses in material

Globus Maritime Reclassifies Board Member

Globus Maritime Limited, a dry bulk shipping company, announced today that when Georgios Karageorgiou, a Class I director of Globus Maritime Limited  resigned on December 28,

First Panama Canal Water-Saving Basin Filled

The Panama Canal Authority (ACP) announced that the first water-saving basin of the Agua Clara Locks’ upper chamber has been filled to the required level in order

Legal

Globus Maritime Reclassifies Board Member

Globus Maritime Limited, a dry bulk shipping company, announced today that when Georgios Karageorgiou, a Class I director of Globus Maritime Limited  resigned on December 28,

Antietam, McCampbell Build Relationships at IFR 2016

Ticonderoga-class guided-missile cruiser USS Antietam (CG 54) and Arleigh Burke-class guided-missile destroyer USS McCampbell (DDG 85) arrived Feb. 4 in India

COSCO Plans European Transhipment Hub

China's COSCO is forging ahead with a plan to build a European transhipment hub, reports Reuters. The state owned shipping giant is expected to make an offer for

 
 
Maritime Contracts Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Salvage 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: 0.0896 sec (11 req/sec)