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Marco Polo eyes S$60m equity under revamp plan
Its restructuring move also calls for debt-to-equity swap and severe haircuts for some trade claims
Add BT as a preferred sourcePublished Mon, Sep 4, 2017 · 09:50 PM
Singapore
MAINBOARD-listed Marco Polo Marine is tabling under a scheme of arrangement (SA) a restructuring plan involving new equity injections of S$60 million into the parent group, debt-to-equity swap and severe haircuts for some trade claims filed against its shipyard subsidiary.
Court documents relating to the SA application with the Singapore High Court showed that Marco Polo Marine, as a corporate guarantor to the majority of loans extended to its shipyard subsidiary, is exposed to vast contingent liabilities.
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