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Bracewell Secures Major Chapter 11 Victory for Marco Polo Seatrade BV

October 25, 2011

In a very high-profile engagement in the maritime shipping world, Bracewell represents Netherlands-based Marco Polo Seatrade BV and its affiliates in Chapter 11 filings in New York. In a precedent-setting and highly-publicized decision, the New York Bankruptcy Court recently denied motions to dismiss filed by Marco Polo's two lender groups, concluding both that Marco Polo had sufficient property in the U.S. to sustain jurisdiction and that Marco Polo's Chapter 11 filing was made in complete good faith. The case has been watched closely by many in the international shipping industry because, if the New York Bankruptcy Court accepted Marco Polo's filing (which it now has done), it could pave the way for other non-U.S. maritime shippers also to seek the protections of Chapter 11 while seeking to reorganize their businesses.