Nice Work If You Can Get It – Marco Polo Finds an Advisor

Last week in another filing, Marco Polo Seatrade B.V. (“MPS”) applied to the U.S. Bankruptcy court for permission to employ Blue Financial Services B.V. with its principal, Barry Cerneus to assume the role of Financial Manager and Chief Restructuring Officer for the Debtors. Mr. Cerneus has a history with the company. Beginning in 2005, Mr. Cerneus was the financial manager of MPS, who together with certain other employees fulfilled duties similar to those typically provided by a CFO. Subsequently in 2010, he went off on his own and formed Blue Financial, under which umbrella he continues to offer similar financial services to MPS as he provided earlier on his own. In effect, the company has outsourced the management of their financial affairs to an outsider with the purported benefit that by serving multiple enterprises, Mr. Cerneus achieves “…operational synergies and allows for the utilization of cross-institutional experience.”

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