Netherlands-based Marco Polo Seatrade BV has been granted interim relief by a New York court which will allow it to continue to operate the business in the ordinary course under Chapter 11 protection.
The court yesterday granted Marco Polo, a company managed by Seaarland Shipping Management, the right to continue to operate and pay all operating expenses, the right to continue to pay employees and crew, the right to continue all cash management procedures and the right to continue to maintain all insurance, all in the ordinary course of business.
The management team continues to operate the business and the company will continue to honour all of its charter obligations during the pendency of the court protection. The company believes that the Chapter 11 filing will help it complete a restructuring process designed to restore the company to long-term financial health. The filing includes the following vessels: Montiron, Diana, Laura, Beth, Louise and Meg.