Brief: Marco Polo Marine express doubt on ability to continue as going concern

Marco Polo Marine

22/09/2016 24:42

Sept 22 (Reuters) - Marco Polo Marine Ltd: 
    * There cannot be any assurance that issuer or group will be 
able to continue as a going concern 
    * Group experienced net losses of S$7.5 million as of and 
for nine months ended 30 June 2016 
    * Expects to record net losses for fiscal year ending 30 
September 2016 
    * Issuer expects may not be able to generate sufficient cash 
flows to meet its debt service obligations 
    * There may be a substantial doubt about group's ability to 
continue as a going concern 
    * Issuer has experienced and expects to continue to 
experience net losses 
    * Net loss may not further increase when audit for financial 
statements for fiscal year ending 30 september 2016 is completed 
    * Issuer expects to be highly leveraged for next several 
years 
    * Issuer had aboout S$186.5 million of current 
interest-bearing borrowings and S$67.3 million in non-current 
interest-bearing borrowings 
    * Approves of the holders of the series 001 S$50 mln 5.75 
pct fixed rate notes due 2016 of co to amend maturity date of 18 
October 2016 to maturity date of 18 October 2019 
 
Source text for Eikon:  ID:nSNZ13kZpz   urn:newsml:reuters.com:*:nSNZ89DlpJ  urn:newsml:reuters.com:*:nSNZ9snpgw 
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