Singapore OSV owner and shipbuilder Otto Marine has taken a big step towards avoiding collapse by having its application for judicial management approved.
A Singapore court has appointed Chee Yoh Chuang and Lin Yueh Hung of RSM Corporate Advisory as managers.
The owner can now seek a deal with creditors having gained protection for its $877m of liabilities.
In last month's application to the court, executive chairman Yaw Chee Siew said: “I cannot be expected to continue shouldering the financial burden and injecting fresh capital into the company."
