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Leong said a previous application filed by Otto Marine with the Singapore High Court to wind up the company has been withdrawn.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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
XPeng CEO says its software, AI upgrades to enter ‘super fast cycle’
Asia: Markets mixed as global rally stalls, eyes on yen
Morgan Stanley Asia private equity unit to reorganise as CEO retires
Mercedes says it will continue to invest in China tie-ups
Xiaomi locks in over 75,000 orders for SU7 car, targets over 10,000 deliveries in June
Gold trades in tight range as market focuses on US economic data