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HomeMaritime NewsRegionsAsiaOtto Marine repays debts, creditor withdraws winding up order

Otto Marine repays debts, creditor withdraws winding up order

Otto Marine repays debts, creditor withdraws winding up order
Singapore’s Otto Marine has updated that it has fully paid up debts of around $1.18m to an unnamed creditor, and the creditor has undertaken to withdraw a winding up application against the offshore services firm.

Otto Marine announced earlier that its creditor has made separate claims of $200,000 and EUR900,000 ($978,250) against the company at the Singapore High Court.

A winding up application was supposed to be heard at the court on 15 May.

Singapore-listed Otto Marine said the event is not expected to have an impact on its financials for the financial year ending 31 December 2015.

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