Marco Polo To Liquidate Under Proposed Ch. 11 Plan

Law360, New York (May 8, 2012, 7:13 PM EDT) -- Oil tanker operator Marco Polo Seatrade BV and related debtors filed a Chapter 11 liquidation plan Monday in New York bankruptcy court after reaching a global settlement with three lenders and the official committee of unsecured creditors in their case.

The plan provides for payment in full of all unclassified claims, including allowed administrative expense claims, a debtor-in-possession financing claim, a so-called cash collateral true-up claim and priority tax claims, as well as other priority claims.

“The debtors have concluded that the recovery for their creditors...
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