Marco Polo Seatrade gets extension to April 24 to file Chapter 11 plan

By Jim Witters

Wilmington, Del., April 12 - Marco Polo Seatrade BV received an extension through April 24 of its exclusive period for filing a Chapter 11 plan, according to documents filed Thursday with the U.S. Bankruptcy Court for the Southern District of New York.

The company had sought 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.

As previously reported, Marco Polo lenders Royal Bank of Scotland plc, Credit Agricole Corporate and Investment Bank and Norddeustsche Landesbank Girozentrale objected to the extension request, saying they want a chance to present a Chapter 11 plan of their own.

The ruling issued April 12 is a bridge extension that could be superseded by a final order before April 24, court documents state.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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