Marco Polo Seatrade eyes exclusivity extension amid plan negotiations

By Caroline Salls

Pittsburgh, Feb. 23 - Marco Polo Seatrade BV is seeking a fourth extension of its exclusive period for filing and soliciting votes on a plan of reorganization, according to a Thursday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The company wants to extend its exclusive filing period to March 31 from Feb. 29 and the solicitation period to May 31 from April 29.

If it is able to reach an agreement with its senior lenders on the structure of a consensual plan, the company said it will need more time to "memorialize the agreed terms."

If no deal is reached, Marco Polo said the extension would allow it to implement a plan to maximize its various categories of assets and interests.

A hearing is scheduled for March 1.

Marco Polo Seatrade, an Amsterdam-based vessel owner, filed for bankruptcy on July 29, 2011. The Chapter 11 case number is 11-13634.

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