2 local banks among Marco Polo noteholders giving the nod for revamp

Singapore

TWO local banks are among the noteholders that support the restructuring of Marco Polo Marine's S$50 million medium term notes (MTN) that are maturing this month.

Marco Polo chief executive Sean Lee told The Business Times that institutional investors including the two banks hold over 50 per cent of the notes.

BT understands that the unnamed banks are DBS and UOB, which are also major lenders to the listed offshore & marine player.

Noteholders at a Friday morning meeting gave the nod to Marco Polo to proceed with the MTN restructuring pr…