Marco Polo places Indonesian shipyard unit under court-led debt revamp

Singapore

MARCO Polo Marine said that its Indonesian subsidiary PT Marcopolo Shipyard has filed an application to place itself under a suspension of debt payment plan as it undertakes a court-supervised debt restructuring.

The troubled offshore and marine group said that, following the application on May 18, a temporary restraint of legal proceedings against the shipyard unit will be put in place for 45 days commencing from the date of the application.