Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Otto Marine faces winding up order over $1.18m of debt

Otto Marine faces winding up order over $1.18m of debt
Singapore’s Otto Marine is facing a total claim of approximately $1.18m in connection to a winding up order filed by its creditor at the Singapore High Court.

In a statement to the Singapore Exchange, offshore services firm Otto Marine said an unnamed creditor has made separate claims of approximately $200,000 and EUR900,000 ($978,250) against the company. The Singapore High Court has made directions for the winding up application to be heard on 15 May.

“The company is not disputing the debt. The company is currently in negotiations with the creditor’s solicitors to reach a settlement in respect of the debt,” Otto Marine said.

Meanwhile in a separate statement, Otto Marine’s wholly-owned Go Marine Group said a creditor has filed a winding up application with the Singapore High Court to wind up Go Offshore (Asia), wholly-owned by Go Marine.

The total sum claimed against Go Offshore (Asia) is approximately $118,000, but the company has fully paid up the debt and the creditor is now in the process of withdrawing the application.

TAGS: Offshore