Marco Polo Appoints Adviser for Business Review
Posted by Michelle Howard
September 7, 2016
Photo: Marco Polo Marine Ltd.
Singapore's Marco Polo Marine Ltd, whose business includes building and chartering ships, said it has appointed KPMG Services as an adviser to conduct an independent business review of the company.
The company, which has S$50 million ($37.19 million) worth of notes maturing on Oct. 18, said it would hold an informal meeting with holders of the notes on Sept. 13 to present KPMG's review and discuss various options in connection with the notes.
Marco Polo is one of several companies in Singapore's offshore and marine sector whose financial results have been hit by the slump in oil prices.
In July, oilfield services firm Swiber Holdings applied to place itself under judicial management, after initially filing for liquidation, becoming the largest local company to fall victim to the slump in oil prices.
(Reporting by Aradhana Aravindan)
