Otto Marine said on Saturday that its creditor has filed an application with the Singapore High Court to wind up the marine company over a debt of about S$1.57 million in total. The application will be heard on May 15.
"The company is not disputing the debt," Otto Marine said in a statement. "The company is currently in negotiations with the creditor's solicitors to reach a settlement in respect of the debt."
Otto also said on the same day that a separate winding-up application filed by a creditor against its subsidiary, Go Offshore Asia, is being withdrawn after the latter paid up the debt of US$118,000 to the creditor.