Marco Polo Marine, unit granted moratorium to restrain legal action against them

14 Jul 2017 - Business Times Breaking News
MARCO Polo Marine and its subsidiary Marco Polo Shipyard have been granted moratoriums to restrain all legal proceedings against them until end-August 2017 to allow them to finalise a plan with creditors.This follows court applications by the companies for a scheme moratorium. The hearing, after several ...
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Daily Debrief: What Happened Today

22 May 2017 - Business Times Breaking News
Marco Polo's shipyard unit gets court order to temporarily restrain creditors Marco Polo Marine said that its PT Marcopolo Shipyard has filed an application to place itself under a suspension of debt payment plan as it undertakes a court-supervised debt restructuring.
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Marco Polo's shipyard unit gets court order to temporarily restrain creditors

22 May 2017 - Business Times Breaking News
MARCO Polo Marine said that its PT Marcopolo Shipyard has filed an application to place itself under a suspension of debt payment plan as it undertakes a court-supervised debt restructuring.The troubled offshore and marine group said that following the application on May 18, a temporary restraint of ...
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Marco Polo Q2 loss widens to S$8.2m, negative working capital persists

14 May 2017 - Business Times Breaking News
MARCO Polo Marine continued to face negative working capital in its second fiscal quarter as net loss widened to S$8.2 million amid higher expenses and unchartered vessels, the marine logistics company announced on Sunday.Marco Polo, which has suspended trading in its stock to negotiate with creditors, ...
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Updated: Marco Polo Marine suspends trading as lenders doubts fund injection

1 May 2017 - Business Times Breaking News
MARCO Polo Marine on Monday suspended trading with immediate effect, following an "increasing number" of demand letters from creditors. "Though the company is not of the present view that a failure of the proposed refinancing and debt restructuring is imminent, the company is not confident at this juncture ...
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Marco Polo Marine says no need to suspend trading

24 Apr 2017 - Business Times Breaking News
SHIPPING services company Marco Polo Marine said there is no necessity to suspend trading, following queries from Singapore Exchange (SGX), it said in a filing to SGX on Sunday night.In response to the queries, the group said that it has been engaging various banks and financial institutions to discuss ...
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Marco Polo Marine proposes refinancing and debt restructuring exercise

13 Apr 2017 - Business Times Breaking News
MARCO Polo Marine on Thursday proposed a refinancing and debt restructuring exercise of all its current secured and unsecured debts. The group says that it is to strengthen its cash flow and working capital position, as well as to ensure its business sustainability under the current distressed market ...
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Marco Polo Marine posts S$3.4m in Q1 profit, buoyed by forex gains

10 Feb 2017 - Business Times Breaking News
MARCO Polo Marine Ltd reported on Friday net profit of S$3.39 million for the fiscal first quarter ended Dec 31, up from a net profit of S$19,000 a year ago. A surge in other operating income - to S$3.92 million during the quarter from S$54,000 in the year-ago period - helped to offset a 33 per cent ...
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Marco Polo Marine sinks deeper into the red for Q4

29 Nov 2016 - Business Times Breaking News
MARCO Polo Marine sank deeper into the red for the fourth quarter ended Sept 30, inking a net loss of S$9.43 million from a net loss of S$3.04 million a year ago. Revenue tanked 42 per cent year on year to S$8.86 million for the quarter, dragged by both ship chartering operations as well as shipbuilding ...
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Singapore banks brace for hit from beleaguered oil, gas sector

20 Oct 2016 - Singapore Business Review
Local banks' exposure to the sector is around 14%. Banks' asset quality is expected to worsen in 3Q16, still driven by new non-performing asset (NPA) formation in the oil & gas sector, said CIMB. As of 2Q16, CIMB estimates that OCBC led the banks in NPL recognition for the upstream oil & gas book at ...
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