Marco Polo Marine applies for court protectionCompany News // May 19, 2017
Marco Polo Marine and its subsidiary, Marco Polo Shipyard Pte Ltd, have each filed an application with the Singapore High Court pursuant to section 210(10) of the Companies Act for a scheme moratorium to restrain legal proceedings against them and allow them to finalise a scheme of arrangement with their creditors as part of a group’s refinancing and debt restructuring.
The applications were heard on 17 May 2017. The hearing has been adjourned to a date to be fixed for further submissions to be made.
The group is engaged in ship chartering, shipbuilding, conversion, repair and maintenance services.