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Marco Polo Marine proposes refinancing and debt restructuring exercise
MARCO Polo Marine on Thursday proposed a refinancing and debt restructuring exercise of all its current secured and unsecured debts.
The group says that it is to strengthen its cash flow and working capital position, as well as to ensure its business sustainability under the current distressed market conditions for the foreseeable future.
Various payments due under the group's bank loans, invoices and contracts remain outstanding, and the group is in discussions with its bank lenders and other key creditors on restructuring these payments under the proposed debt restructuring plan that is within an acceptable level of gearing for the offshore marine industry, while at the same time exploring avenues for fresh funding.
The company will also engage its noteholders on various options.
It also issued a profit guidance in respect of the unaudited financial results of the group for its second quarter ended March 31, 2017.
Based on a preliminary review of its draft financial results, the group expects to report a net loss in Q2 FY2017 in view of the challenging market environment.