Crippled with a debt of US$877 million (S$1.16 billion), offshore services provider Otto Marine is seeking insolvency protection from the High Court in a bid to salvage the company and stave off liquidation.
The troubled company, which has been delisted from the Singapore Exchange (SGX), filed an application last week to be placed under judicial management.
At a closed-door hearing on Friday, it applied for an interim judicial manager to be appointed, pending the hearing of its judicial management application.
Lawyers for its creditors argued for an adjournment.
The hearing has been adjourned to March 12, with the hearing date for the judicial management application to be fixed by the court.
Otto Marine’s move comes…
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