Marco Polo Marine suspends trading as planned debt revamp hits a roadblock

MARCO Polo Marine on Monday suspended trading with immediate effect, following an "increasing number" of demand letters from creditors.

"Though the company is not of the present view that a failure of the proposed refinancing and debt restructuring is imminent, the company is not confident at this juncture that it would be able to eventually bridge the gap between the expectations of the lenders and the conditions set by the strategic investors as part of the proposed refinancing and debt restructuring," the marine logistics group said in a statement on Monday.