Otto Marine’s Two Australian Units May Wind-up
Otto Marine Ltd. said three creditors filed three such applications with the Supreme Court of Western Australia to wind up its subsidiaries in Australia - Go Inshore Pty and Go Marine Group Pty, says a report in Bloomberg.
Creditors are claiming A$787,204 (S$814,580) from the offshore marine group. The total sum claimed against the subsidiaries pursuant to the applications is in the approximate quantum of A$787,204, the company said.
The management of Go Marine Group is seeking legal advice and plans to dispute the debts. The cases will be heard on Nov. 8.
Otto Marine itself has been taking legal action against its debtors as the downturn in the offshore marine sector bites.
Otto Marine is also in dispute with veteran shipping investor Robert Knutzen, Vettal Mega Services, and Singapore-based chemical tanker owner RS Marine Investments.
It is also in the midst of a takeover offer by its executive chairman, Malaysian tycoon Yaw Chee Siew. Yaw offered 32 Singapore cents per share to take the company private in June. If he succeeds, Otto Marine will become the first company from the hard-pressed sector to be delisted.
