Hearing on schemes of arrangement for Marco Polo and subsidiary fixed on Nov 30

MARCO Polo Marine Ltd said on Tuesday that the group and its subsidiary Marco Polo Shipyard Pte Ltd (MPSY) have applied for court approval of their respective schemes of arrangement.

The hearing on the applications has been fixed on Nov 30.

Earlier this month, the group and its subsidiary MPSY secured majority votes from scheme creditors in favour of the restructuring of S$258 million in total liabilities. Of these, S$202 million are bank loans and some S$50 million relates to Marco Polo's Singapore dollar notes issuance.

With that, the group has emerged as the first listed company in the offshore and marine downturn to have won support from both its noteholders and creditors for steep haircuts in order to make way for new equity injection.