Cash crunch forces Marco Polo to flag doubt on continuing as a going concern

It sought approval to defer redeeming $50m in bonds.

Marco Polo may be in hot waters, as it recently revealed that it has substantial doubt about being able to continue as a going concern due to a cash crunch.

According to a report by Reuters, Marco Polo sought noteholders’ approval to defer redeeming bonds worth $50m by three years.

“Marco Polo said it expects to be highly leveraged for the next several years and may not be able to generate sufficient cash flows to meet its debt service obligations, adding it expects to record net losses for the fiscal year ending Sept. 30,” Reuters revealed.

Read the full report here.

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