Marco Polo Marine says no need to suspend trading

SHIPPING services company Marco Polo Marine said there is no necessity to suspend trading, following queries from Singapore Exchange (SGX), it said in a filing to SGX on Sunday night.

In response to the queries, the group said that it has been engaging various banks and financial institutions to discuss the current debt situation with a view to presenting to them the proposed refinancing and debt restructuring as soon as practicable.

The refinancing and debt restructuring exercise of all its current secured and unsecured debts, if satisfactorily concluded, would ensure the ability of the company and group to continue as going concerns, it said.

The group is also cautiously optimistic that lenders and noteholders would allow the company reasonable time to work out the proposed refinancing and debt restructuring for their consideration.

The group has not received formal demands for the immediate repayment of the sums owing and due under loans and notes, it said.