New York Bankruptcy Court 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…

South Carolina based Eco-Tankship, Inc. is contemplating a bid to oppose the auction of Enron Corp's "enrononline" trading division. The auction, approved last week by Southern District of New York bankruptcy court judge Arthur Gonzales, has been scheduled for January 10, 2002. Alexander Schizas President and CEO of Eco-Tankship has notified counsel for the creditors committee, the debtors in possession and the US trustees of Eco's interest in moving to oppose the sale. The particulars of the opposition surround Schizas' request for full disclosure by Enron regarding the auction. Schizas' group contends that Enron must disclose that they do not have proprietary rights to the Internet based trading of Liquefied Natural Gas in its physical form and as futures and options on futures.