Marco Polo rebuffs media reports on continuing as going concern

A statement on customary risk factors was misrepresented.

Marco Polo has rebuffed media reports that the company is on the rocks, saying in an announcement filed to the Singapore Exchange that the statement on Marco Polo’s ability to continue operating as a going concern was taken out of context.

According to the firm’s announcement, the statement was extracted from one of the customary risk factors disclosed as part of the company’s announcement of its consent solicitation exercise.

Marco Polo underscored that the statement “was made in view of the lack of visibility in the recovery of oil prices which, in turn, would affect the recovery of the offshore and shipping industries in the medium term.”

“This should NOT be construed that the Company presently is unable, or has doubts on its ability, to operate as a going concern,” Marco Polo stated.

The company was seeking approval of noteholders to defer maturity of notes from 18 October 2016 to 18 October 2019.

"The Company would like to emphasize that there will be no haircuts made to the principal amount of the Notes to be redeemed on the Amended Maturity Date, and that all interest and Additional Interest payable on the Notes will continue to be paid to the Noteholders on schedule," the firm stated.