Administrators appointed at Go MarineCompany News // October 25, 2017
News sources in Australia have reported that offshore vessel operator Go Marine Group has appointed administrators from KordaMentha. The company is owned by Singapore’s Otto Marine.
Administrator Richard Tucker said it had secured debt and mezzanine finance of $US50 million. It was unclear at this stage what unsecured creditors were owed.
The administrators said they are focused on achieving a restructure or reorganisation of the company’s balance sheet and debt.
Mr Tucker said a third-party investor had proposed a recapitalisation of the business, and there had been approaches from other parties. “This is definitely not a liquidation,” Mr Tucker said. “We think it’s going to come out the other side recapitalised and on a much stronger footing.”
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