Lenders Accuse Marco Polo Of Dragging Feet On New Plan

Law360, New York (March 21, 2012, 7:07 PM EDT) -- A group of banks asked a New York bankruptcy court Tuesday for permission to file their own reorganization plan for Marco Polo Seatrade BV, as the lenders say the bankrupt Dutch shipping company is using a delay in filing its own plan "as a strategic weapon."

Secured creditors The Royal Bank of Scotland PLC, Credit Agricole Corporate and Investment Bank, and Norddeutsche Landesbank Girozentrale said that Marco Polo had had more than enough time to file its own reorganization plan and wanted an extension of its...
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