July 29, 2011
News Coverage, Answers, Appeals, Complaints, Motions, Orders, Trial Notes
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.
Marco Polo Seatrade BV on Friday won permission in New York bankruptcy court to delay filing its Chapter 11 reorganization plan, despite some banks' earlier complaints that the bankrupt Dutch shipping company has delayed for strategic purposes.
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."
A New York bankruptcy judge on Wednesday approved fee applications for Marco Polo Seatrade BV's attorneys, but not payment of the fees themselves, saying that the payments could anger the shipping company's lenders and derail the tenuous progress the Chapter 11 case has finally made.
A New York federal bankruptcy judge on Friday shot down an attempt by the Royal Bank of Scotland and Credit Agricole SA to get Netherlands-based international shipping company Marco Polo Seatrade BV's Chapter 11 case thrown out of court in the U.S.
A New York bankruptcy judge approved a deal Tuesday allowing bankrupt Dutch shipper Marco Polo Seatrade BV to wash away a $48 million claim that stemmed from a sinking oil tanker project it had undertaken with German bank Norddeutsche Landesbank Girozentrale.
Attorneys for lender Royal Bank of Scotland and another bank argued Monday that Dutch ship owner Marco Polo Seatrade BV's more than $200 million bankruptcy case should be booted from a New York bankruptcy court.
A slew of creditors on Friday blasted Marco Polo Seatrade BV's request for $4.8 million in debtor-in-possession financing in New York bankruptcy court as a textbook example of insider dealing that should be blocked.
Marco Polo Seatrade BV said Wednesday that a Credit Agricole SA unit must pay damages for holding one of the shipping company's largest vessels in a London port in violation of a Chapter 11 automatic stay.