Singapore's Marco Polo Marine flags doubt on continuing as a going concern

Marco Polo Marine

22/09/2016 04:30

SINGAPORE, Sept 22 (Reuters) - Marine logistics firm Marco 
Polo  MAPM.SI  said it has substantial doubt about being able to 
continue as a going concern due to a cash crunch, as it sought 
noteholders' approval to defer redeeming bonds worth S$50 
million ($37 million) by three years. 
    "There cannot be any assurance that the issuer or the group 
will be able to continue as a going concern," the Singapore 
company said in a securities filing to the stock exchange. 
    Marco Polo said it expects to be highly leveraged for the 
next several years and may not be able to generate sufficient 
cash flows to meet its debt service obligations, adding it 
expects to record net losses for the fiscal year ending Sept. 
30.  urn:newsml:reuters.com:*:nFWN1BX0PN  
    Marco Polo, which counts oil and gas firms as clients, is 
one of several companies in Singapore's offshore and marine 
sector whose finances have been severely strained by the slump 
in oil prices.  
    In July, oilfield services firm Swiber Holdings  SWBR.SI  
applied to place itself under judicial management, after 
initially filing for liquidation.  urn:newsml:reuters.com:*:nL4N1AF5J6 
    Marco Polo is seeking to delay the maturity of its S$50 
million 5.75 percent fixed rate notes to Oct. 18, 2019. It also 
plans to pay additional interest of 1.5 percent on the notes. 
 urn:newsml:reuters.com:*:nSNZ13kZpz 
 ($1 = 1.3528 Singapore dollars) 
 
 (Reporting By Aradhana Aravindan; Editing by Muralikumar 
Anantharaman) 
 ((aradhana.aravindan@thomsonreuters.com; +65 6403 5659; Reuters 
Messaging: aradhana.aravindan.thomsonreuters.com@reuters.net)) 
 
Keywords: MARCO POLO DEBT/