Marco Polo Marine gets approval for Indonesian yard debt restructuring

Marco Polo Marine gets approval for Indonesian yard debt restructuring

Singapore’s Marco Polo Marine has received court approval for a debt restructuring of its Indonesian yard PT Marcopolo Shipyard.

PT Marcopolo Shipyard filed an application in May to place itself under a Penundaan Kewajiban Pembayaran Utang suspension of debt payment plan in accordance with Indonesia’s laws on bankruptcy.

The Commercial Court of Medan has ordered compliance with the company’s debt restructuring proposal, which was approved by both the court and creditors.

Marcopolo Shipyard was headed towards bankruptcy if the plan was not approved.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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