Marco Polo Marine obtains approval for shipyard restructuring
Singapore-based Marco Polo Marine has obtained court approval for a debt restructuring of its shipyard in Indonesia.
Marco Polo’s subsidiary, PT Marcopolo Shipyard, on May 21, 2017, filed an application to place itself under a suspension of debt payment plan in accordance with laws on bankruptcy and suspension of debt payment in Indonesia.
The shipyard was then required to submit a debt restructuring plan for its creditors to consider at a creditors’ meeting.
According to Marco Polo Marine’s statement from last week. the shipyard has obtained the court declaration in response to the proposal for the suspension of payment obligations and a debt restructuring has been agreed by the shipyard and the relevant creditors.
Accordingly, the Commercial Court of Medan has endorsed the agreed debt restructuring under the restructuring proposal and ordered the shipyard and the creditors to comply with the proposal.
Offshore Energy Today Staff