Creditors seek winding up of two Otto Marine Australian units

Go Amplitude, a vessel of Go Inshore.
Go Amplitude, a vessel of Go Inshore. PHOTO: GOINSHORE.COM.AU

SINGAPORE - Mainboard-listed Otto Marine said on Monday morning (Sept 26) that two of its Australian subsidiaries are facing winding up applications from creditors claiming a total of A$787,204 (S$815,380) from the offshore shipbuilder and vessel operator.

The three creditors have filed three applications with the Supreme Court of Western Australia to wind up Go Inshore Pty Ltd and Go Marine Group Pty Ltd, Otto Marine said in a filing with the Singapore Exchange.

The applications will be heard by the court on Nov 8.

Otto Marine said the management of Go Marine Group is presently seeking legal advice and has plans to dispute the debts.

Otto Marine itself has been taking legal action against its debtors as the downturn in the offshore marine sector bites.

It is also in the midst of a takeover offer by its executive chairman, Malaysian tycoon Yaw Chee Siew. Mr Yaw offered 32 Singapore cents per share to take the company private in June.

If he succeeds, Otto Marine will become the first company from the hard-pressed sector to be delisted.

Its shares closed flat at 31.5 Singapore cents on Friday.