Marco Polo Marine proposes restructuring scheme to get out of troubled waters

SINGAPORE (Nov 9): Troubled offshore services provider Marco Polo Marine has signed conditional investment agreements to raise $60 million from nine investors as part of a restructuring exercise.

See: Singapore banks brace for another wave of bad loans from O&M

The restructuring exercise involves the issue of 3.2 billion new shares as part of the fund raising exercise, and the issue of 269.3 million free warrants to existing shareholders in the ratio of eight warrants for every 10 shares. The exercise price is 3.5 cents per share.

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