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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.

Marcus Hand, Editor

May 22, 2017

1 Min Read
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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.

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About the Author

Marcus Hand

Editor

Marcus Hand is the editor of Seatrade Maritime News and a dedicated maritime journalist with over two decades of experience covering the shipping industry in Asia.

Marcus is also an experienced industry commentator and has chaired many conferences and round tables. Before joining Seatrade at the beginning of 2010, Marcus worked for the shipping industry journal Lloyd's List for a decade and before that the Singapore Business Times covering shipping and aviation.

In November 2022, Marcus was announced as a member of the Board of Advisors to the Singapore Journal of Maritime Talent and Technology (SJMTT) to help bring together thought leadership around the key areas of talent and technology.

Marcus is the founder of the Seatrade Maritime Podcast that delivers commentary, opinions and conversations on shipping's most important topics.

Conferences & Webinars

Marcus Hand regularly moderates at international maritime events. Below you’ll find a list of selected past conferences and webinars.

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