Court gives nod to Marco Polo's debt revamp schemes

Singapore

SINGAPORE'S High Court on Thursday sanctioned two schemes of arrangement (SAs) filed by Marco Polo Marine and its key operating subsidiary, extending the green light to the first debt restructuring plan that calls for direct haircuts in the offshore and marine sector.

The Business Times (BT) understands that the court ruling has come after Marco Polo Marine won over support from its three key local lenders - DBS, OCBC and UOB - towards a plan tabling 69 per cent haircut on bank loans amounting to S$202 million.