Marco Polo Marine seeks Singapore High Court protection

Offshore services firm Marco Polo Marine and its subsidiary have each filed an application to the Singapore High Court for a scheme moratorium to allow the company to proceed with restructuring.

Marco Polo Marine and Marco Polo Shipyard filed the applications on Wednesday with the High Court ordering certain pending legal actions, including a statutory demand, to be restrained in the interim, Marco Polo Marine announced to the Singapore Exchange (SGX).

Beleaguered Marco Polo Marine said the scheme moratorium will restrain all legal proceedings against the company and the subsidiary to allow them to “finalise a scheme of arrangement with their creditors as part of the group’s proposed refinancing and debt restructuring.”

Early this month, the woes of the company deepened after it failed to reach an agreement on refinancing and restructuring with some of its lenders.

For the first half of the group’s financial results, Marco Polo Marine reported a bigger loss of SGD4.77m ($3.4m) compared to the deficit of SGD1.1m in the year-ago period.

Posted 19 May 2017

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