Marco Polo Marine debt restructuring scheme greenlit by creditors

The company aims to raise $60m in an equity fundraising exercise.

Marco Polo Marine’s scheme for debt restructuring has secured the necessary majority approval from its scheme creditors.

Five of the seven MPML scheme creditors present comprising an aggregate of $187.4m in value voted in favour of the MPML Scheme.

The company aims to raise $60m in an equity fundraising exercise to meet working capital requirements and continue its operations. As such, Marco Polo has secured investors to subscribe to new shares at an issue price of $0.028 per investment share for a total of 2,142,857,141 shares.

Proceeds from the equity fundraising exercise will be directed to meet working capital requirements and settlement of its outstanding debts and liabilities.

The debt restructuring is to be undertaken by the company and its subsidiaries Marco Polo Shipyard Pte Ltd (MPSY), PT Marcopolo Shipyard (PTMS), and PT Pelayaran Nasional Bina Buana Raya Tbk (PT BBR).

The company aims to finalise the terms of its restructuring exercise by mid-December and conclude it by early January 2018.