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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.
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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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