Otto Marine Limited Placed Under Judicial Management

Otto Marine Limited has obtained approval from the Singapore High Court to be placed under judicial management.

Yesterday (i.e. 21 March 2018), Otto Marine Limited, which had filed an application to place itself under judicial management last month, obtained approval from the Singapore High Court to be placed under judicial management.

Mr Chee Yoh Chuang and Mr Lin Yueh Hung of RSM Corporate Advisory were appointed as judicial managers.

The judicial management order will remain in force for 180 days from the date of the order, unless discharged earlier. During this period, in addition to taking over control of the management of the company, the judicial managers are to formulate a statement of proposals for the creditors' consideration.