Otto Marine placed under judicial management

Otto Marine placed under judicial management

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.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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