Singapore-based Marco Polo Marine and its subsidiary, Marco Polo Shipyard Pte Ltd, have filed applications with the Singapore High Court for protection from creditors.
The companies filed applications with the court pursuant to section 210(10) of Singapore’s companies act for a scheme of moratorium to restrain legal proceedings against them and allow them to finalise a scheme of arrangement with their creditors as part of the group’s refinancing and debt restructuring.
The applications were heard on 17 May 2017. The hearing has been adjourned for further submissions to be made.
The group is engaged in ship chartering, shipbuilding, conversion, repair and maintenance services. Listed on SGX-ST since 2007, the group’s ship chartering business provides offshore support vessels, tugboats and barges deployed in regional waters to its customers in the offshore oil and gas, mining, commodities, construction and infrastructure sectors.