Judge Casts Doubt On Marco Polo's Ch. 11 Exit Strategy

Law360, New York (January 4, 2012, 5:19 PM EST) -- A New York bankruptcy judge on Wednesday put off a decision about whether to approve supposedly hefty attorneys' fees for Marco Polo Seatrade BV and its creditors amid challenges from several banks over the struggling company's ability to craft a viable survival plan.

U.S. Bankruptcy Judge James M. Peck delayed approval of an application from debtors' counsel Bracewell & Giuliani LLP for payment of additional fees and expenses that would bring the firm's total payout so far to $2.1 million — about $1 million more than...
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