After calling in KPMG last week to conduct a review of its business, Singapore’s Marco Polo Marine has said it intends to extend the maturity of its Series 001 S$50m 5.75% fixed-rate notes, which are due to mature in October.
The company will “seek the indulgence” of its noteholders for the extension by way of a consent solicitation exercise, the Singapore-based owner of offshore support vessels said. The company also owns a shipyard in Batam, Indonesia.
“The board notes that the noteholders present appeared generally supportive of the company’s initiative,” Marco Polo said in a filing to the Singapore Stock Exchange.
An informal meeting scheduled for this week has been adjourned to September 16 to allow noteholders to “digest” the proposed terms of the maturity extension.
Marco Polo has struggled this year with a net loss of S$7.5m ($5.57m) posted for the first three quarters of its financial year.
It has also been locked in a legal tussle with shipbuilder Sembcorp Marine after it cancelled its order for a Pacific Class 400 jack-up drilling rig at Singapore’s PPL Shipyard, which Marco Polo said was due to the yard’s “failure to comply with certain of its material contractual obligations”.