Singapore: Otto Marine has decided to apply to put its troubled subsidiary Reflect Geophysical under judicial management. Reflect applied to the Singapore High Court yesterday.
“The directors of Reflect are of the view that Reflect is unable to pay its debts,” a statement from Otto Marine read. The company is looking to avoid Reflect being wound up, and said that judicial management would be “a more advantageous realisation of Reflect’s assets” than a winding up order.
Reflect is being chased for debts by a pair of creditors. The total sum claimed against Reflect in filings with the Singapore High Court total is US$1.1m.
Otto Marine is scheduled to release its full year results today, something it has already braced investors for, as it will report red ink. [22/02/13]