O&M sector's debt revamp has long way to go
WHEN Marco Polo Marine cobbled together a S$60 million financial rescue package in January, it buoyed hopes that the heavily indebted offshore and marine (O&M) sector could be seeing the light at the end of the tunnel.
This appears illusory; news broke a week ago that Otto Marine had filed for judicial management.
It is evident that embattled O&M players need more than just unequivocal support from their anchor shareholders to ride through the rest of this prolonged downturn.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
BHP’s biggest rivals sit on the sidelines of Anglo M&A drama
Abu Dhabi hub carrier Etihad adds banks to US$1 billion IPO
Barclays is the latest firm to face anti-ESG wrath in Oklahoma
Barclays prices mortgage-backed notes in deal with GoldenTree
ExxonMobil to take 18 to 24 months to hit full stride with Pioneer purchase
Luminar to cut nearly 20% jobs as part of restructuring