Creditor hounds Otto Marine for $1.57m worth of debt

It has filed a winding up application with the High Court.

Otto Marine reported that one of its creditors has filed a winding up application with the Singapore High Court for the settlement of a debt worth approximately $1.57m.

The total sum claimed against Otto Marine is approximately USD 200,000 and EUR 900,000. The Court has made directions for the application to be heard on 15 May 2015.

Otto Marine stated that it is not disputing the debt and is currently in negotiations with the creditor’s solicitors to reach a settlement,
 

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