Otto Marine withdraws Hoe Leong winding-up suit upon payment

HEAVY equipment supplier and vessel charterer Hoe Leong said a previous application filed by Otto Marine with the Singapore High Court to wind up the company has been withdrawn.

The withdrawal comes "upon payment of US$920,000 without admission of liability that the debt is due", Hoe Leong said.

The sum is understood to be due from the dissolution of a vessel-owning joint venture between the two companies in 2014.

Otto Marine, an offshore support vessel builder and owner-operator, said last month that it had filed the winding-up application.

The company was understood to be tightening their debt collection upon demands from its own trade creditors.

Hoe Leong last traded at S$0.015. Otto Marine, which is being taken private at S$0.32, last traded at S$0.315.