Marco Polo Seatrade News

Marco Polo Seatrade and its affiliated companies have obtained final approval of their Plan of Liquidation from the New York Bankruptcy Court overseeing the Chapter 11 case. The plan was unanimously approved by all Marco Polo creditors, and the Court entered the final order at the confirmation hearing held today. Antonio Zacchello, managing director of Marco Polo Seatrade, says, “Our companies worked hard with the banks and our creditors to devise a Chapter 11 Reorganisation Plan, but that did not prove possible. Therefore we have agreed to a consensual Liquidation Plan which maximises the recovery for all parties. As provided in the…

U.S. Courts confirm Marco Polo Seatrade Chapter 11 protection and frees vessel. The New York Court supervising the reorganisation of Marco Polo Seatrade and its group affiliates has rejected the motions filed by the Royal Bank of Scotland and Credit Agricole seeking to dismiss the group's US Chapter 11 filings. Both lenders had asserted that Marco Polo Seatrade was not eligible for Chapter 11 protection and had indeed initiated its Chapter 11 case in bad faith. The court rejected all of the lenders' arguments. Antonio Zacchello, MD of Marco Polo Seatrade, says, "We are delighted that the court has confirmed that we acted in accordance with the law and in good faith in starting our Chapter 11 proceedings.

Marco Polo Seatrade has received court approval to obtain fresh financing from Royal Bank of Scotland, one of its senior lenders. The New York Court supervising the reorganisation of  Marco Polo approved today new financing to be provided by the Royal Bank of Scotland. This financing is being provided on a fully consensual basis and resolves the various objections that were filed to Marco Polo’s original financing motion. This Court approval and the Court’s previous approval of the use of cash collateral ensures that Marco Polo will be able to continue to fulfil all charter contracts and to pay its expenses in the ordinary course of business. It also ensures that Marco Polo will be able to take advantage of profitable new charters.

Marco Polo Seatrade receives court approval to continue to use revenues in the business. The Marco Polo Seatrade group of companies that filed for Chapter 11 on 29th July 2011 has taken a significant step forward in the US Chapter 11 restructuring process. The New York Court supervising the reorganisation of  Marco Polo approved on 31st August 2011 the continued use by the company of the cash collateral, meaning the revenues deriving from the day to day employment of its fleet, for the duration of the Chapter 11 cases. The approval was granted with the consent of Marco Polo’s primary lenders Credit Agricole and Royal Bank of Scotland.

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.