Singapore's Marco Polo Marine seeks to delay bond payments

SINGAPORE - Singapore’s Marco Polo Marine Ltd, whose business includes building and chartering ships, said it was seeking consent from bond holders to extend the maturity of notes worth S$50 million that are due next month.

The company held an informal meeting with the noteholders to present an independent business review conducted by KPMG and to explore various options related to the impending maturity of the notes, it said in a statement on Tuesday.

The noteholders present at the meeting appeared generally supportive of the company’s initiative, it said.

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.