Creditors Blast Marco Polo DIP Financing As Inside Job

Law360, New York (September 9, 2011, 7:04 PM EDT) -- 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.

According to an opposition motion filed in Manhattan by the Royal Bank of Scotland PLC, the proposed $4.8 million post-petition financing package Marco Polo has agreed to with Futmarine BV is actually money that should be going to creditors.

Rather than receiving financing from an independent entity at market rates, Futmarine is...
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