Brief: Marco Polo Marine approve proposed restructuring of S$50 mln notes due 2016

Marco Polo Marine

14/10/2016 07:39

Oct 14 (Reuters) - Marco Polo Marine Ltd  MAPM.SI  
    * Has successfully obtained support of requisite majority 
vote of noteholders present to restructure debt arising from 
notes as tabled for consideration 
    * 172 votes or 97.18% of total votes cast were in favour of 
extraordinary resolution tabled to restructure debt arising from 
notes 
    * Noteholders have granted company an additional three years 
to redeem and pay for notes 
    * In addition to maintaining capital value of debt at s$50 
million, company has committed to paying an additional 1.5% 
interest per annum on notes 
    * Company has committed  providing security in form of a 
second ranking mortgage over group's shipyard land in batam, 
indonesia 
    * "cautiously optimistic that group's sound fundamentals 
will enable it to ride economic storms raging in sector" 
    * "there are no significant concerns over group's business 
model, financial fundamentals or long term business viability" 
 
Source text for Eikon:  ID:nSNZ1xnh27  
Further company coverage:  MAPM.SI  
 
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