Marco Polo Seatrade seeks exclusivity extension in plan negotiations

By Jim Witters

Wilmington, Del., March 20 - Marco Polo Seatrade BV is seeking a fifth extension of its exclusive periods for filing and soliciting votes on a plan of reorganization, according to a Tuesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The company said the additional time is needed because of "the amount of work that needs to be accomplished by March 31" if the company files its Chapter 11 plan as promised.

The work involves ongoing negotiations with one senior creditor and talks with a potential investor, according to court documents.

The company wishes to extend the exclusive period for filing a Chapter 11 plan through May 31 and its exclusive period for soliciting plan acceptances through July 31.

The debtors also are seeking a bridge order through the earlier of a final order on the motion or April 3.

A hearing on the motion is scheduled for 10 a.m. ET on April 3.

Ongoing negotitations

"The debtors have reached an agreement in principle with Credit Agricole Corporate and Investment Bank and Norddeutsche Landesbank Girozentrale on the terms of a consensual plan of reorganization, and only one open business point stands in the way of the debtors reaching an agreement in principle on the terms of a consensual plan of reorganization with the Royal Bank of Scotland plc," court documents state.

In addition, the debtors have been negotiating "with a potential investor" who may, with the debtors' existing shareholder, "invest new capital into the reorganized debtors," according to the documents.

"The debtors and their advisors are currently engaged in good faith negotiations with the potential investor and the debtors' existing shareholder regarding the terms of the investment and a plan of reorganization that would be supported by the new investor," court documents state.

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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