Marco Polo seeks big haircut for S$50m notes

Singapore

BELEAGUERED shipping services firm Marco Polo Marine is seeking noteholders' approval to take a big haircut and waive key obligations for a S$50 million series of 5.75 per cent notes due 2016.

The company is asking, among other things, that noteholders allow the company to redeem the bonds by January 2018 by paying S$35,868 in cash and the same amount in 1.02 million shares priced at 3.5 Singapore cents per share, amounting to a combined redemption amount of S$71,736.