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Rescued Singapore shipbuilder buckles under debt woes

Shipbuilder Otto Marine Ltd. is now asking the Singapore High Court for protection, as the group is saddled with USD 877 million in liabilities and its creditors are demanding payment.
Photo: Bloomberg
Photo: Bloomberg
BY ANDREA TAN & DAVID YONG, BLOOMBERG

A Singapore shipping company rescued by its chairman just over a year ago faces collapse unless the courts step in, a sign that an earlier slump in oil prices is still reverberating.

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