Marcopolo Shipyard Restructuring Approved
PT Marcopolo Shipyard (PTMS) has secured the approval for its restructuring plan to to place itself under a Penundaan Kewajiban Pembayaran Utang (PKPU) suspension of debt payment.
It means, Batam-based unit of Marco Polo Marine has cleared the final hurdle to proceed with debt restructuring for the holding company and its key shipyard subsidiary under the two schemes of arrangement filed with Singapore's High Court.
"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," said a press release from the company.
In the last month, the company secured the requisite majority approval from its scheme creditors for its restructuring plan, which calls for debt forgiveness towards $258 million of liabilities to make way for $60 million new equity to be injected into the listed group.
According to media reports, Marco Polo wants to issue 2.1 billion shares at 2.8 cents each to nine investors, including founders of Singapore-listed Super Group and Soilbuild, as part of a capital injection into the company.