Marco Polo Seatrade Exits Chapter 11

(Press Release)
Friday, August 17, 2012

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 plan the six Marco Polo-owned vessels have been handed over to the financing banks and the cash and assets of Marco Polo will be distributed amongst the unsecured creditors. Marco Polo will exit the Chapter 11 proceedings and will continue to retain certain interests in its subsidiaries.

“I am satisfied that this restructuring is finally over after long period and a lot of efforts from all my staff and with the valuable support of the legal and financial advisors. It has achieved the best possible result in the interest of our stakeholders. The coincidence of a very poor shipping market and of the bank credit crunch is hitting severely both our company and the shipping market in general. A painful lesson has been learnt but I am confident that we can once again in the future do what we have always done in more than sixty years of history – which is to deliver a high quality, safe and reliable transportation service to our clients.”

 

Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

QinetiQ Signs Contract with ASV

QinetiQ, as part of a new Marine Surface Target Service, has signed a contract with Autonomous Surface Vehicles (ASV) for the supply and operational support of autonomous surface target vessels.

GTT Wins DSME Order for 9 More Icebreaking LNGCs

Gaztransport & Technigaz (GTT), a designer of membrane containment systems for the maritime transportation and storage of Liquefied Natural Gas (LNG), announced

Bollinger to Build 6 More FRCs for the USCG

Bollinger Shipyards, Inc., Lockport, Louisiana, announced the award of six additional USCG Sentinel Class Fast Response Cutters (FRCs). The U. S. Coast Guard

Legal

House Subcommittee Hearing Highlights “Dismal State” of U.S. Icebreaking Capability

At the July 23, 2014, hearing of the House Subcommittee on Coast Guard and Maritime Transportation on “Implementing U.S. Policy in the Arctic” the committee chairman, Rep.

Iraqi Kurdish Oil Nears US Port Despite Concern in Washington

A tanker carrying crude oil from Iraqi Kurdistan is just two days away from arriving at a U.S. port, according to ship tracking satellites, despite Washington's

Maritime NZ Oil Spill Response Review: Submissions

Maritime New Zealand (MNZ) says it invites submissions on its draft updated New Zealand Marine Oil Spill Response Strategy 2014 (the draft Strategy). The draft Strategy, (available at http://bit.

Finance

House Subcommittee Hearing Highlights “Dismal State” of U.S. Icebreaking Capability

At the July 23, 2014, hearing of the House Subcommittee on Coast Guard and Maritime Transportation on “Implementing U.S. Policy in the Arctic” the committee chairman, Rep.

Thome Is the First to Sign up to IMPA Act

Leading integrated ship management service provider Thome Ship Management has become the first ship management company to join IMPA ACT, the responsible supply chain management initiative,

Legislation Grants Funding for EU's EMSA

EU Council Adopts Regulation on EMSA Funding The European Union Council adopted a regulation yesterday to finance the actions of the European Maritime Safety

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Salvage Ship Repair Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | 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: 0.2312 sec (4 req/sec)