Go Marine: Heads into administration
Australia’s Go Marine Group has called in the administrators ahead of a potential recapitalisation of the company.
The West Australian daily reported that the offshore shipowner, owned by Otto Marine of Singapore brought in KordaMentha on Friday
The company has 16 managed or owned ships and 380 employees.
Administrator Richard Tucker told the newspaper the owner owes $50m in secured debt of $50m.
“The offshore vessel sector is facing significant challenges and headwinds,” Tucker added. “The board formed the view that it was unable to pay its debt.”
It is continuing to trade as normal and Tucker said a third-party investor had proposed a refinancing, while there had been approaches from other parties.
“This is definitely not a liquidation,” he added.
A creditors meeting has been called for next Wednesday.
Last year the company pledged to fight winding up petitions from three creditors chasing $600,000.