Marco Polo Marine gets nod to proceed with $50 mil note restructuring

SINGAPORE (Nov 15): Marco Polo Marine has obtained approval from its noteholders to waive the non-payment of all interest, among other obligations, on its $50 million series of 5.75% notes due 2016.

To recap, the offshore services provider on Oct 24 announced that it would be launching a consent solicitation exercise to obtain the waiver for a number of its obligations for the notes. The company offered to redeem the bonds by end-Jan 2018 with a partial payment of $35,868 in cash and the same amount in shares at an issue price of 3.5 cents per share – amounting to a total value of $71,736.

A noteholders’ meeting was held Wednesday at the boardrooms of Ocean Financial Centre to obtain noteholders’ approval.

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