Marco Polo Marine Ltd

All these listed companies have an ultimate weapon. Ask shareholders to foot the bill.
Say yes, you will not lose at now and there is a very small chance of losing less later but a very high chance of losing more later.
Say no, you lose all now.
Make choice.

Another potential Chapter 11 candidate ?

http://www.straitstimes.com/business/com...n=addtoany

One by one the domino falls- Leveraged company before the oil price becomes over leveraged.

Net cash companies pre-crisis have started turning net debt.

马可波罗海业现金不足 恐难还债
2016年9月22日 星期四 09:41 AM文/陈爱薇ter
  
（联合早报网讯）马可波罗海业（Marco Polo Marine）今早在新交所发表文告表示，集团截至今年6月30日的首九个月蒙损750万元，预料全年也会蒙损。

目前集团所持流动附息贷款为1亿8650万元，非流动附息贷款为6730万元。集团改变经济和行业状况的能力有限，同时缺乏资源提高竞争力，同时可能无法生成足够现金来偿还贷款，接下来数年也会维持高负债比例。

原本在2016年到期的一笔5000万元、票息率为5.75％的定息票据，集团准备征求获持有人同意，将期限从今年10月18日延至2019年10月18日。

马可波罗海业最后交易价是7.2分。

马可波罗海业争取 把即将到期票据延期三年
2016年9月23日 星期五 03:30 AM文/陈爱薇, 王阳发来自/联合早报 ongyh@sph.com.sg　

　

马可波罗海业（Marco Polo Marine）预料全年蒙损，无法生成足够现金来偿还债务，正争取把即将到期的票据期限延长三年。

受油价下挫和行业低迷打击的马可波罗海业，在积极争取为即将到期的票据进行重组之际，昨天也进一步说明目前所处困境。

马可波罗海业集团主席李云峰昨日受访时强调，公司仍然有享有息税折摊前盈利（EBITDA），只是面对现金流吃紧，这是该行业用短期资金购买长期资产的问题。不过，公司的主要市场——印度尼西亚仍然有需求，不过增长缓慢。他预计明年当印尼的石油供需取得平衡后，市场对公司的产品与服务的需求将重现。

李云峰坦白承认，目前业务环境艰难，是他入行以来从未经历的，即便七八十岁的前辈也跟他说这次的情况前所未见。不过，他相信石油业的基础因素不会一夜之间改变，公司平安渡过目前的难关之后，将会迎来市场复苏。


集团10月14日
召开债务重组会

集团在昨天提呈给交易所的文件中表示，集团截至今年6月30日的首九个月蒙损750万元，预料截至9月30日的全年也会蒙损。

集团目前的流动附息贷款为1亿8650万元（包括5000万元的票据），非流动附息贷款为6730万元。

集团在本月中与上述票据持有人进行了非正式会谈并取得共识，把这笔原本在2016年10月18日到期的5000万元、票息率为5.75％的定息票据，延长三年。集团将在10月14日召开债务重组会议，征求持有人同意将期限延迟至2019年10月18日，只要取得75％支持，马可波罗海业将渡过一次难关。

票据重组并没有减少票息率，还会分两期额外支付1.5％的票息，0.5％在10月18日原本的期限前支付，另外1％在2017年10月时支付。

集团也建议把印尼峇淡岛船厂所在的土地作为担保。

不过，集团也表示，即使这批票据成功重组，集团仍背负庞大债务，预料需把票据本金从流动贷款重新分级为非流动贷款。集团也可能提高银行贷款。接下来数年集团会维持高负债比例，可能无法生成足够现金来偿还贷款。

集团也提及未来可预见的一些困境，包括需要把营运的大部分现金流用来支持贷款，这会削弱它把营运现金流再投资的能力。同时，集团在运作资本、运作开销、债务服务需要和其他方面进行再融资的能力受限；部署、应对生意变化和把握未来商机的灵活性也有限；和较少债务、较多资源的对手比较，集团缺乏竞争能力；应对市场情况转变、行业转变的能力也有限。

李云峰在2003年联合创办马可波罗海业，2007年公司上市时他年仅30岁。马可波罗海业如今是印尼最大的造船业者之一，在峇淡岛的船厂是李云峰从零开始建造起来的。

股价昨跌至6.9分

马可波罗海业昨日股价进一步挫跌4％至6.9分，让他感到心痛。当年公司股价一度达到0.60元以上，昨日竟一度只有6分，是历来最低。

Normally I dun bother waste time looking too much at companies in struggling sectors, but this morning came across this gossip which led me to this article on local motley fool website...

Crucial Investing Lessons From Marco Polo Marine Ltd’s Woes

[[ 
When times are good, a heavily indebted company can easily borrow new money to repay old debt. But when times are tough, refinancing can become awfully difficult. Billionaire investor Warren Buffett has the best quote on this I’ve ever come across and I think it bears repeating (emphases mine):

Quote:“Leverage, of course, can be lethal to businesses as well. Companies with large debts often assume that these obligations can be refinanced as they mature. That assumption is usually valid. Occasionally though, either because of company-specific problems or a worldwide shortage of credit, maturities must actually be met by payment. For that, only cash will do the job.
Borrowers then learn that credit is like oxygen. When either is abundant, its presence goes unnoticed. When either is missing, that’s all that is noticed. Even a short absence of credit can bring a company to its knees.”

]]



GoSSip from wikipedia: 
In January 2014, Vivian got engaged to 36-year-old Singapore businessman Sean Lee of Marco Polo Marine Limited.[5] They held a wedding ceremony in Bali, Indonesia on June 26.[6] Vivian announced her pregnancy in March, 2015 via Facebook calling the pregnancy a "surprise" and "heaven sent" and said it came at a time when the self-professed workaholic promised to clear her work schedule in 2015 to focus on starting a family.[7] On the 13th of August, she gave birth to a boy.

[Image: Vivian4comp.jpg]

She must be pretty happy, hubby can spend more time at home in the future...

Marco Polo Marine Noteholders Approve Restructuring of Its S$50 Million 5.75% Fixed Rate Notes due 2016

Highlights :

* 172 votes or 97.18% of the total votes cast were in favour of the Extraordinary Resolution tabled to restructure the debt arising from the Notes.

* Principal terms in connection with the restructuring of the debt arising from the Notes are:

•  Extension of the Ordinary Maturity Date of the Notes for a period of three years;
  
•  Additional Interest at the rate of 1.5% per annum to be paid on the Notes, such additional interest payable in two instalments; and
  
•  Grant to Noteholders of a second ranking mortgage over land with an approximate area of 152,750 square metres in Batam, Indonesia.
  

approve, kick the can down the road to 2019, + (5.75%+1.5%) = 7.25% interests! :O

strong banks support leh! wonder which are the banks? :O

Burdened by its overleveraged balance sheet, Marco Polo seeks more debt restructuring.

http://splash247.com/marco-polo-marine-p...ructuring/

The end game is here.

Request for Suspension
http://infopub.sgx.com/FileOpen/MPML%20_...eID=451577