Judge OKs Marco Polo Deal To Wipe Away $48M Claim

Law360, New York (October 18, 2011, 8:20 PM EDT) -- 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.

The compromise settles an out-of-court dispute that, if left unresolved, could have threatened to drown Marco Polo in litigation over whether to maintain its portion of ownership in the Sudtank project, which was a 2007 loan agreement between Marco Polo, other shareholders and NordLB to...
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