Company Briefs: Marco Polo Marine

Marco Polo Marine

Marco Polo Marine has secured the requisite majority approval from its scheme creditors for its restructuring plan, which calls for debt forgiveness towards $258 million of liabilities to make way for $60 million new equity to be injected into the listed group.

Marco Polo Marine and its key subsidiary, Marco Polo Shipyard, yesterday convened two separate court meetings with their scheme creditors.

At the court meeting for the listed parent company, five of the seven scheme creditors, representing $187.4 million or 75.5 per cent of the admitted claims for voting, voted in support of the restructuring plan.

In a separate court meeting, all 40 of Marco Polo Shipyard's creditors present granted approval to its restructuring plan.

In both cases, Marco Polo and its shipyard subsidiary have meet the statutory requirement of securing at least 75 per cent in majority vote from their scheme creditors.

Nam Cheong

Malaysian shipbuilder Nam Cheong said in a filing to the Singapore Exchange that the application by its key subsidiaries to restructure their debts under a scheme of arrangement has been granted by the High Court of Malaya.

The group has been ordered to convene a creditors' meeting of the subsidiaries - Nam Cheong Dockyard and Nam Cheong International - to consider and approve, with or without modification, the scheme of arrangement and compromise proposed between the two units and their respective creditors. The date and venue of the court-convened meeting will take place within 90 days of Nov 15.

Spackman Entertainment Group

Spackman Entertainment Group has invested 250 million won (S$309,300) into the seed financing round for a South Korean film production company, The Makers Studio, and owns 20 per cent of the firm.

The Makers Studio is a start-up film production firm set up by three Korean entertainment industry veterans, with plans to produce and release four films from next year to 2020.

Spackman said in a statement that the investment will strategically strengthen the group's existing film production arm to add value to its revenue.

A version of this article appeared in the print edition of The Straits Times on November 17, 2017, with the headline 'Company Briefs'. Print Edition | Subscribe