Marco Polo wins unanimous support as it fends off downturn

Singapore

MARCO Polo Marine has emerged as the first listed group to win support from both its noteholders and creditors towards taking severe haircuts in order to make way for new equity injection in this offshore and marine (O&M) downturn.

On Thursday, the listed parent company and its key subsidiary, Marco Polo Shipyard Pte Ltd (MPSY), secured majority votes from scheme creditors in favour of the restructuring of S$258 million in total liabilities.