The High Court of Singapore has approved an application by financially trouble OSV operator and shipbuilder Otto Marine to be placed under judicial management, after the company filed for court protection to avoid liquidation in February.
The company, which has debts of $877m, has gone into judicial management just 16 months after a takeover by executive chairman and controlling shareholder Datuk Seri Yaw Chee Siew.
The court has appointed Chee Yoh Chuang and Lin Yueh Hung of RSM Corporate Advisory as managers.
In February, it was reported that Malaysia’s Barakah Offshore Petroleum was considering becoming a whilte knight investor to possibly save the company.