Otto Marine

[butcher]

what happened today? why otto suddenly up by 19.5%??
No announcement also.

[new-comer1]

http://www.straitstimes.com/business/com...tto-marine

[CY09]

It will be a good deal for shareholders if a delisting occur.

From its 1Q balance sheet, the company has 1,391 mil of assets (consisting of 650 mil worth of PPE+intangibles), with liabilities of 1,184 mil and shareholder equity of 202 mil. Should the company have to liquidate its PPE+intangibles, a fire sale of 30% discount to PPE+intangible would have wiped out all of shareholder's value.

[new-comer1]

Offer of 32 cents has been made

http://www.theedgemarkets.com/sg/article...hareholder

[pattanispirit]

any receive mail from Otto Marine ?

1 set of "Consent Solicitation Statement" and 1 set of "Disclosure Memorandum"

i got their bonds and interested in the "Early Consent Fee" 0.50% or $1,250 if reply by 11 Jul 16.  

otherwise, only get "Normal Consent Fee" 0.30% or $750.

what is the Settlement Conditions the doc referring to ?

actually, the bonds r to expire in 1st Aug; don't know why they just can't wait another 1 month more.

[cyclone]

The company was delisted from the SGX-ST with effect from 9.00 a.m. on 7 October 2016.

Rescued Singapore Shipbuilder Buckles Under Debt Woes

By Andrea Tan  and David Yong
February 23, 2018, 12:50 PM GMT+8

A Singapore shipping company rescued by its chairman just over a year ago faces collapse unless the courts step in, a sign that an earlier slump in oil prices is still reverberating.

Saddled with $877 million in liabilities and creditors demanding payment, Otto Marine Ltd. is asking the Singapore High Court for protection. The shipbuilder wants to turn itself around under the court’s supervision and fend off creditors while it restructures its debt, according to its Feb. 20 application for judicial management, which was obtained by Bloomberg News.

“I cannot be expected to continue shouldering the financial burden and injecting fresh capital into the company,” Executive Chairman Yaw Chee Siew said in the application.

More details in https://www.bloomberg.com/news/articles/...under-debt

[BlueKelah]

That's a lot of liabilities...

He probably needs to get some help from the bail out crew of MPM