Marco Polo Marine Plans to Delay Payment on Bonds in Singapore
- Shipping services company joins others in seeking forbearance
- Company has S$50 million of 5.75% bonds due on Oct. 18
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A Singapore provider of barges and tugs for coal, steel scrap and iron ores plans to ask bondholders for approval to delay paying S$50 million ($37 million) of securities due next month after appointing an external adviser to review its business.
Marco Polo Marine Ltd. told some noteholders of the plan at a meeting Tuesday, and those present “appeared generally supportive,” it said in a filing to the Singapore Exchange. The firm said it will hold another meeting on Sept. 16 to allow investors to digest the proposed terms of the debt extension, which it didn’t disclose.