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15-11-2017 17:55:24
UPDATE: Marco Polo gets bondholder nod in restructuring plans
SINGAPORE, Nov 15 (IFR) - Marco Polo today obtained majority consent from
holders of its S$50m (US$36.8m) 5.75% bonds due 2016 to waive certain covenants.
The nod follows an agreement between the beleaguered marine logistics company
and a group of investors for a combined S$60m equity injection into the company.
Bondholders had been asked to waive non-payment of all interest payable, waive
occurrence of any event or potential event of default, and discharge and release
a shipyard collateral.
Marco Polo had also requested to insert an option to allow it to redeem all of
the notes partially in cash at the amount of S$35,868 and partially in the form
of shares at an issue price of S$0.035 per share under the restructuring plan.
Investors holding S$39.25m or 78.5% of the notes had submitted voting
instructions or were present at the bondholder meeting today. Out of the total
157 votes that were cast, 141 votes or 89.8% of votes cast were in favour of the
proposals.
In an announcement last week, Marco Polo had said the group of investors, which
includes co-founders of companies such as Super Group and Soilbuild, would
subscribe to 2.142bn new shares at S$0.028 each, subject to the restructuring
exercise proceeding, as well as other conditions.
Proceeds of up to S$15m will be used as working capital on completion of the
debt restructuring and at least S$45m will go towards cash payments required
under the scheme.
Marco Polo also said it planned to issue free warrants to existing
shareholders at a rate of 8 warrants for every 10 shares held. The warrants will
be exercisable at S$0.035 per share from six months after their listing and will
be valid for five years. The issue date is yet to be determined.
(Reporting by Kit Yin Boey Editing by Vincent Baby)
(([email protected]
UPDATE: Marco Polo gets bondholder nod in restructuring plans
SINGAPORE, Nov 15 (IFR) - Marco Polo today obtained majority consent from
holders of its S$50m (US$36.8m) 5.75% bonds due 2016 to waive certain covenants.
The nod follows an agreement between the beleaguered marine logistics company
and a group of investors for a combined S$60m equity injection into the company.
Bondholders had been asked to waive non-payment of all interest payable, waive
occurrence of any event or potential event of default, and discharge and release
a shipyard collateral.
Marco Polo had also requested to insert an option to allow it to redeem all of
the notes partially in cash at the amount of S$35,868 and partially in the form
of shares at an issue price of S$0.035 per share under the restructuring plan.
Investors holding S$39.25m or 78.5% of the notes had submitted voting
instructions or were present at the bondholder meeting today. Out of the total
157 votes that were cast, 141 votes or 89.8% of votes cast were in favour of the
proposals.
In an announcement last week, Marco Polo had said the group of investors, which
includes co-founders of companies such as Super Group and Soilbuild, would
subscribe to 2.142bn new shares at S$0.028 each, subject to the restructuring
exercise proceeding, as well as other conditions.
Proceeds of up to S$15m will be used as working capital on completion of the
debt restructuring and at least S$45m will go towards cash payments required
under the scheme.
Marco Polo also said it planned to issue free warrants to existing
shareholders at a rate of 8 warrants for every 10 shares held. The warrants will
be exercisable at S$0.035 per share from six months after their listing and will
be valid for five years. The issue date is yet to be determined.
(Reporting by Kit Yin Boey Editing by Vincent Baby)
(([email protected]
MPM very cheapo. Purposely impaired their asset until like no value to force lenders/bondholders to surrender. Most impaired only 20%-30% of their vessels except for MPM and NamCheong who impaired 70%-80%.
Those who want lenders to grace them time will impair less to show they are still value in the coy.
Those who want lenders to take haircut will impair more to show there are little value in the coy.
But most likely the situation is reverse. Those who impaired less may have less value in the coy while those who impaired more may have more value in the coy. These are just scheming financial engineering to force lenders to go the way the coy wants.
Lastly, I wonder what asset are those potential investors really after to throw money into this coy.
Those who want lenders to grace them time will impair less to show they are still value in the coy.
Those who want lenders to take haircut will impair more to show there are little value in the coy.
But most likely the situation is reverse. Those who impaired less may have less value in the coy while those who impaired more may have more value in the coy. These are just scheming financial engineering to force lenders to go the way the coy wants.
Lastly, I wonder what asset are those potential investors really after to throw money into this coy.
pnuklis ( Date: 15-Nov-2017 09:34) Posted:
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Today and tomorrow are the D days for MPO. Voting by the bond holders and banks. Their fate will be known to morrow. If this goes through then benchmark will be set at 70% haircut by the lenders.
We' ll leave it to the ultra rich = presumbly smart people to decide....
jackson5 ( Date: 11-Nov-2017 13:02) Posted:
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60m to save this company ? Even 120m also has problem .
60m to save this company ? Even 120m also has problem .
Risk vs reward. I used to play safer developer and reit shares, 3-6% returns yearly, and when it corrects, drop 20-40% which wipes out all your dividend income. Its probably good for long term recurring income but the returns are pathetic. I started playing o&m shares this yr and i've already doubled my capital. $60m is alot of money to us, but is probably only spare cash for the ultra rich and what they are looking is probably turning this 60m to 300m 5yrs down the road. Fortune favours the bold and those with foresight, mass just like to follow the crowd.
dvdtsk ( Date: 09-Nov-2017 15:20) Posted:
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This 2014 news is even more amazing:
Written by Sim Kih
Published: 04 July 2014
https://www.nextinsight.net/index.php/story-archive-mainmenu-60/924-2014/8700-marco-polo-sean-lee-weds-celebrity-actress-model-vivian-hsu
" As his personal life turned fantastic, coincidentally, his Singapore-listed business -- which was founded by his father, Lee Wan Tang, who is the company' s executive chairman -- got rave reviews.
In a report issued in May, OSK-DMG analyst Lee Yue Jer said Marco Polo Marine is his " top alpha pick" . (See: REX -- this is a very busy year MARCO POLO is new alpha pick)
The analyst, who has a ' Buy' call and a target price of 65 cents on the stock (which recently traded at 35.5 cents), cited visible catalysts from a potential rig charter contract.
Incidentally, the analyst is also getting married, this month."
Written by Sim Kih
Published: 04 July 2014
https://www.nextinsight.net/index.php/story-archive-mainmenu-60/924-2014/8700-marco-polo-sean-lee-weds-celebrity-actress-model-vivian-hsu
" As his personal life turned fantastic, coincidentally, his Singapore-listed business -- which was founded by his father, Lee Wan Tang, who is the company' s executive chairman -- got rave reviews.
In a report issued in May, OSK-DMG analyst Lee Yue Jer said Marco Polo Marine is his " top alpha pick" . (See: REX -- this is a very busy year MARCO POLO is new alpha pick)
The analyst, who has a ' Buy' call and a target price of 65 cents on the stock (which recently traded at 35.5 cents), cited visible catalysts from a potential rig charter contract.
Incidentally, the analyst is also getting married, this month."
60 MILLIONS WILL SOONER WASH AWAY!!!
WASTE TIME TO RESCUE O& G RELATED CO..
LOOK INTO OTHER SECTORS, REITS AND DEVELOPERS...LA!
WASTE TIME TO RESCUE O& G RELATED CO..
LOOK INTO OTHER SECTORS, REITS AND DEVELOPERS...LA!
NextEvolution ( Date: 09-Nov-2017 08:40) Posted:
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Doing National Service or saving the tender hands of Vivian Hsu.... ?
granto ( Date: 09-Nov-2017 06:20) Posted:
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I have not really read the details yet, I understand the shares will be diluted. And if suspension is lifted, it may be worth to try. Those who are still holding, may consider to average out, if not then take whatever remains. Quite certain O& G is not dead yet. Many competitors already die off, those who survive should get a bigger piece of the pie and also become smarter thru&rsquo past lessons.
Good Luck to holders, will be on my watchlist.
Good Luck to holders, will be on my watchlist.
this one really good connections.
Nine local names rally around embattled Marco Polo Marine http://splash247.com/nine-local-names-rally-around-embattled-marco-polo-marine/
can retire earlier stay at home accompany pretty wive and sexercise everyday..
why wanna fight a losing battle where all the small medium O& G are dieing?
i dunno about O& G business nature but i think all the O& G were too aggressive borrowing $ to expand for the last 5-6 years...
why wanna fight a losing battle where all the small medium O& G are dieing?
i dunno about O& G business nature but i think all the O& G were too aggressive borrowing $ to expand for the last 5-6 years...
WSJ.Shares ( Date: 22-Aug-2017 15:03) Posted:
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My friend said this already internally declare bankrupt
james87 ( Date: 12-Jul-2017 09:34) Posted:
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The devil is in the detail of OSV demand data http://splash247.com/devil-detail-osv-demand-data/
Any updates from Marco Polo? Susp quite no long already.
The Snowball is getting bigger.
Marco Polo Marine places Indonesian yard under court-led restructuring http://splash247.com/marco-polo-marine-puts-indonesian-yard-under-court-led-restructuring/