2017 December 23 10:41

PT Marcopolo Shipyard restructuring approved

The Board of Directors of Marco Polo Marine Ltd. (the “Company”) refers to the announcement by the Company released via the SGXNET on 21 May 2017 in respect of the application made by the Company’s subsidiary, PT Marcopolo Shipyard (“PTMS”) 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, Marco Polo Marine Ltd. press release said.

The Board is pleased to note that pursuant to the above-mentioned application, PTMS has obtained the requisite court declaration made in response to the PKPU Restructuring Proposal that has been submitted, namely, that a valid debt restructuring has been agreed to by PTMS and the relevant creditors, and accordingly, the Commercial Court of Medan has endorsed the agreed debt restructuring under the PKPU Restructuring Proposal and ordered PTMS and the relevant creditors to comply with the said proposal as declared.

Marco Polo Marine is an integrated marine logistics Group which has grown and expanded to become a reputable player in the marine industry. The Group’s amalgamation of ship chartering, ship building, conversion, repair and maintenance services under one roof has empowered the Group to exercise greater flexibility and achieve cost efficiency for our clients. MPM Group's current primary business operations include: Ship Owning & Chartering and Shipyard Services.