Marco Polo Marine (MPM): Bracing for liquidity crunch ahead of $50m MTN expiry next month
- Meeting noteholders on 12 Sep to discuss option for its $50m 5.75% note, expiring on 18 Oct '16
- as at Jun '16, current liabilities of $232m > current assets of $111.1m; cash balance at $18.3m
- previous signs of crack - abrupt attempt to cancel a US$214.3m jack up rig contract with Semb Marine
- MPM total debt $253.8m smaller than Swiber's $1.37b, net gearing 1.4x vs 1.6x
- principal bankers and joint book runners for the MTN facility, DBS and UOB, will be under the spotlight
- Maybank KE is Negative on O&M sector, and has Sell call on DBS (TP: $14.30) and Hold rating on UOB (TP: $18.34)
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