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Marco Polo wins temporary debt protection for Indonesian shipyard

Marco Polo wins temporary debt protection for Indonesian shipyard
Marco Polo Marine has won a temporary protection order for its Indonesian shipyard as it seeks to restructure the Batam-based subsidiary.

Singapore-listed Marco Polo filed an application to place PT Marcopolo Shipard (PTMS) under Indonesia’s Penundaan Kewajiban Pembayaran Utang (PKPU) to suspend debt repayments while it seeks to restructure.

A temporary restraint from legal proceedings was granted for 45 days from 18 May. A supervisory judge has been appointed to and team of administrators designated to manage the process.

“During this initial 45 day period, PTMS is required to submit a debt restructuring plan for its creditors to consider at a creditors’ meeting and is subject to the consent of the requisite majority of creditors as prescribed by applicable law,” Marco Polo said.

Last week Marco Polo filed an application to the Singapore High Court for a scheme moratorium to allow the company to proceed with 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.