Otto Marine seeks court protection

Otto Marine seeks court protection

Singapore-based offshore shipbuilder Otto Marine has filed for protection in the Singapore High Court, according to Bloomberg.

The company, which has debts of $877m, plans to go into judicial management just 16 months after a takeover by executive chairman and controlling shareholder Datuk Seri Yaw Chee Siew which saw the company delisted from the Singapore Exchange.

Otto’s Australian OSV operating subsidiary Go Marine went into administration last year and was taken over by Hong Kong group TSH, leaving Otto Marine with a diluted 30% stake.

In the court application Otto Marine said that the financial collapse of the group is imminent unless the High Court intervenes.

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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1 Comment

  1. Anon
    February 27, 2018 at 12:05 pm

    Basically let them die, strip and sell their assets otherwise it is only going to cause misery to their creditors with a prolonged and drawn out charade.