Marco Polo Marine, unit granted moratorium to restrain legal action against them

MARCO Polo Marine and its subsidiary Marco Polo Shipyard have been granted moratoriums to restrain all legal proceedings against them until end-August 2017 to allow them to finalise a plan with creditors.

This follows court applications by the companies for a scheme moratorium. The hearing, after several adjournments sought by the group, took place on Thursday.

The court has also directed the companies to file their applications under Section 210 (1) of the Companies Act for the convening of a scheme meeting and for the applications to be fixed to be heard before the court before end-August.