Debtor Targets Credit Agricole Unit Over Ship Arrest

Law360, New York (September 1, 2011, 6:54 PM EDT) -- 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.

In a contempt motion filed in New York bankruptcy court, Marco Polo says that Credit Agricole Corporate & Investment Bank — the shipping company's largest lender — had the M/T Monitron arrested in the Port of Coryton just prior to its Chapter 11 filing in July. Despite ongoing negotiations, Credit...
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