Marco Polo Seatrade requests court approval of $4.8 million DIP loan

By Caroline Salls

Pittsburgh, Aug. 26 - Marco Polo Seatrade BV requested court approval to obtain up to $4.8 million of debtor-in-possession financing, according to a Friday filing with the U.S. Bankruptcy Court for the Southern District of New York.

Marco Polo Seatrade said the financing is needed to capitalize on business opportunities that will drive a successful restructuring and to prevent future business loss.

The financing will be provided by non-debtor joint venture Futmarine, BV, which is 50% owned by Marco Polo Seatrade.

The facility will mature on the earliest of Aug. 1, 2012, the effective date of a plan of reorganization, conversion of the bankruptcy case or appointment of a trustee and termination of the company's exclusivity.

Interest will be 5%.

The company is seeking interim access to $2.4 million of the financing.

A hearing is scheduled for Sept. 15.

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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