Nine Singapore entities have put together a S$60m ($44m) rescue fund to try and bail out locally listed offshore firm Marco Polo Marine.
The founders of the struggling OSV operator, the Lee family, have offered to dilute their shareholding by 90% to just 6% of the enlarged share capital in favour of bringing in these equity investors and deleveraging the group’s balance sheet.
The plan calls for 2bn new shares valued at S$0.028 to be issued to these nine investors. Marco Polo Marine has until March to significantly reduce its liabilities if these nine names are to go ahead with their investments.
