Marco Polo Seatrade withdraws motion for $1 million stand-by DIP loan

By Caroline Salls

Pittsburgh, Aug. 9 - Marco Polo Seatrade BV has withdrawn its motion for approval of $1 million in stand-by debtor-in-possession financing, according to a Tuesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

As previously reported, the company requested court approval of the financing from MPS DIP LLC on Monday.

The financing was to be conditioned on Marco Polo Seatrade receiving access to cash collateral.

Marco Polo Seatrade, an Amsterdam-based vessel owner, filed for bankruptcy on July 29. The Chapter 11 case number is 11-13634.

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