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Marco Polo clears final hurdle to proceed with debt restructuring

THE Batam-based unit of Marco Polo Marine has been given the approval to place itself under a Penundaan Kewajiban Pembayaran Utang (PKPU) suspension of debt payment.

This means Marco Polo has cleared the final hurdle to proceed with debt restructuring for the holding company and its key shipyard subsidiary under the two schemes of arrangement filed with Singapore's High Court.

The group last week won a majority vote at an extraordinary general meeting in favour of issuing new securities that is key to its restructuring plan.

In a filing to the Singapore Exchange on Wednesday, Marco Polo said that its subsidiary, Marcopolo Shipyard, has obtained the requisite court declaration made in response to the PKPU restructuring proposal - namely, that a valid debt restructuring has been agreed to by Marcopolo Shipyard and the relevant creditors.

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Accordingly, the Commercial Court of Medan has endorsed the agreed debt restructuring under the PKPU restructuring proposal and has ordered Marcopolo Shipyard and the relevant creditors to comply with the proposal.

The application was filed on May 18 this year.