Yahoo Finance 
Marco Polo Marine mulls over delaying payment on bonds in Singapore
Noteholders are ready to back the group’s decision.
Marco Polo Marine plans to delay payment of S$50 million (US$37 million) securities due next month after appointing KPMG Services to review its business.
In its SGX announcement, Marco Polo Marine revealed it convened an informal meeting of noteholders on Tuesday to present its KPMG’s independent business review as well as explore the various options relating to the impending maturity of the notes.
“The Board wishes to inform shareholders and noteholders that the company has indicated to noteholders present that the company intends to seek the indulgence of noteholders for an extension of the maturity date of the notes by way of a consent solicitation exercise. The Board notes that the noteholders present appeared generally supportive of the company’s initiative,” Marco Polo Marine said.
The group will hold another informal meeting on 16 September 2016 to give noteholders ample time to digest the information presented by the company as well as to receive feedback from them.
Data compiled by Bloomberg revealed that Marco Polo Marine’s 5.75% bonds are due 18 October.
The marine logistic group is the latest company in the region to ask indulgence from creditors following a slump in oil prices. Bloomberg’s report included Otto Marine Limited, Perisai Petroleum Teknologi Bhd. and AusGroup Limited among seeking relief from the waning O&G sector.
Read the full report here.
More From Singapore Business Review
