Last week Marco Polo met with holders of its $50m 5.57% fixed rate bond issue that matures on 16 October to present a business review conducted by KMPG and seek an extension on the maturity of the bonds.
Marco Polo said bondholders at the meeting “appeared generally supportive of the company’s initiative”. The meeting was adjourned till Friday 16 September to allow bondholders time to digest the information and give further feedback.
The company booked a first half loss of SGD1.1m ($801,800) hit by the sharp downturn in the offshore market.
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