Marine Link
Wednesday, October 26, 2016

Marco Polo Seatrade Receives Court Approval

September 2, 2011

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 (XCA.F) and Royal Bank of Scotland.

With this court approval, Marco Polo’s customers and vendors can be assured that Marco Polo will be able to continue to fulfil all charter contracts and to pay its expenses in the ordinary course of business. This approval also positions Marco Polo well to focus on a plan to emerge from Chapter 11 as a strong and healthy competitor in the global shipping market.


Maritime Reporter Magazine Cover Oct 2016 - Marine Design Annual

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News