Marco Polo Marine places shipyard under supervisory judge and administratorsCompany News // May 23, 2017
The Board of Directors of Marco Polo Marine Ltd have informed shareholders that the company’s subsidiary, PT Marcopolo Shipyard (PTMS), has filed an application to place itself under a Penundaan Kewajiban Pembayaran Utang (PKPU) suspension of debt payment plan in accordance with Law No. 37 of 2004 on Bankruptcy and
Suspension of Debt Payment.
On 18 May 2017 and pursuant to the PKPU application filed by PTMS, it was ordered, amongst others, that a temporary restraint of legal proceedings against PTMS be put in place for 45 days commencing from 18 May 2017.
A judge has been appointed the Supervisory Judge, and a team of administrators have been designated, to assist PTMS in managing its assets.
The company understands that the PKPU process is a form of court-supervised debt restructuring plan. During this initial 45 day period, PTMS is required to submit a debt restructuring plan for its creditors to consider at a creditors’ meeting and is subject to the consent of the requisite majority of creditors as prescribed by applicable law.
It should be noted that should no debt restructuring plan is approved, a possible outcome is the placing of PTMS into bankruptcy.