The company Marco Polo Seatrade BV (MPS), a Dutch company run by Seaarland Shipping Management BV, announced today that it has made a request, in the Southern District of New York, for admission to the procedure laid down in Chapter 11 of U.S. federal law for the reorganization companies.
Marco Polo Seatrade has shown that the use of Chapter 11 will facilitate the completion of the restructuring process that will enable the company to return to a situation of long-term economic strength, and specified that, to facilitate this restructuring, including companies associated Seaarland Shipping Management BV, CV and Marine Magellan Cargoship Maritime BV have started procedures to coordinate the use of Chapter 11. The operation of ships and management services provided by the company, however, remain unchanged.
"The use of Chapter 11 - said in a note Marco Polo Seatrade - part of the restructuring program begun in 2010, when the MPS BV and other affiliated companies found themselves facing a sudden and dramatic fall in the market. Over the past 12 months have made significant progress on financial recovery plan of the company, but in spite of important achievements have been attained, the preferred providers of some companies have decided unilaterally to withdraw their support to these restructuring efforts and have launched forced actions. Just to stop these actions, the companies have found it necessary to have recourse to Chapter 11 to ensure the continuity of their ships and to ensure their services to their customers. "
Marco Polo Seatrade recalled that, "as a result of the use of Chapter 11, in the period during which companies reorganize their business all actions by creditors in all parts of the world, including any attempt to advance legal action against ships companies, are automatically excluded from the procedures allowed. "
Marco Polo Seatrade has stressed that "companies are embittered by this inexplicable change in attitude of their preferred providers, but remain convinced that the steps taken will benefit all creditors, including the privileged." "The companies - said even Marco Polo Seatrade - want to assure their customers and their suppliers that the Marco Polo Seatrade and associated companies will maintain their usual activities even during the period in which it will be resorted to Chapter 11. The other subsidiaries Seaarland (Singapore), Seaarland (Hamburg), Seaarland (Mumbai), the Global Tanker, and Synergas Motia did not use the protection of Chapter 11 and their activity proceeds normally. "
The use of Chapter 11 concerns the following ships: Montiron, Diana, Laura, Beth, Louise, Meg. Main Seaarland legal counsel for the restructuring process and the procedures of Chapter 11 is the study of Bracewell & Giuliani LLP.
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The company Marco Polo Seatrade BV (MPS), a Dutch company run by Seaarland Shipping Management BV, announced today that it has made a request, in the Southern District of New York, for admission to the procedure laid down in Chapter 11 of U.S. federal law for the reorganization companies. 
- Via Raffaele Paolucci 17r/19r - 16129 Genoa - ITALY
