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The Marco Polo Seatrade group of companies, which filed for Chapter 11 on 29th July 2011, says it has 'taken a significant step forward' in the US Chapter 11 restructuring process.

The New York court supervising the reorganisation of Marco Polo approved, on 31st August 2011, the continued use by the company of the cash collateral, meaning the revenues deriving from the day-to-day employment of its fleet, for the duration of the Chapter 11 cases. The approval was granted with the consent of Marco Polo’s primary lenders Credit Agricole and Royal Bank of Scotland.

"With this court approval, Marco Polo’s customers and vendors can be assured that Marco Polo will be able to continue to fulfil all charter contracts and to pay its expenses in the ordinary course of business. This approval also positions Marco Polo well to focus on a plan to emerge from Chapter 11 as a strong and healthy competitor in the global shipping market," Marco Polo said in a statement.