Bankrupt Dutch Shipper Wants $1.2M To Stay Afloat

Law360, New York (August 1, 2011, 1:23 PM EDT) -- Bankrupt shipping company Marco Polo Seatrade BV on Monday tried to free up $1.2 million for fuel, wages and other pressing expenses days after filing for Chapter 11 in New York to prevent lenders from seizing its tankers.

Netherlands-based Marco Polo said the funds were needed to continue operating profitably after the vessel management company and three affiliates rushed into Chapter 11 for protection from lenders that turned against an out-of-court restructuring process.

“The companies are disappointed in the lenders’ unexplained reversal of support but remain...
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