Marco Polo's shipyard unit gets court order to temporarily restrain creditors
MARCO Polo Marine said that its 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.
A supervisory judge has been appointed and a team of administrators have been designated to assist the shipyard in managing its assets.
During this initial 45-day period, the shipyard unit is required to submit a debt restructuring plan for consideration at a creditors' meeting.
The group warned that should the debt restructuring plan fail to secure the consent of the requisite majority of creditors, a possible outcome is that PT Marcopolo Shipyard may be placed into bankruptcy.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
OpenAI inks licensing deal with People magazine publisher
Apple unveils new AI-focused chip in upgraded iPad Pro models
DBS CEO Piyush Gupta sells S$2.7 million worth of bank shares
Disney's surprise streaming entertainment profit offset by weaker TV business
Geely, Foretellix partner to jump-start self driving car development
US: Wall Street opens slightly higher on rate cut optimism