Marco Polo Seatrade seeks contempt sanctions amid tanker vessel arrest

By Caroline Salls

Pittsburgh, Sept. 2 - Marco Polo Seatrade BV asked the U.S. Bankruptcy Court for the Southern District of New York to impose contempt sanctions against Credit Agricole Corporate and Investment Bank, according to a Thursday court filing.

The company said Credit Agricole had its M/T Montiron tanker vessel arrested in July and refuses to cease control of the vessel.

Marco Polo Seatrade said Credit Agricole will not cease its violation of the automatic stay unless the court awards damages for the past and ongoing violation of the stay.

If Credit Agricole does not cease its violation, the company said "the debtors' chances of a successful reorganization will be severely jeopardized by losing the revenue associated with one of the main vessels in their fleet."

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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