Singapore OSV owner and shipbuilder Otto Marine is trying to avoid going under through a bid for court-led restructuring.
The company has $877m in liabilities, with a collapse imminent unless it receives protection from creditors, according to a high court application for judicial management obtained by Bloomberg.
In the application, executive chairman Yaw Chee Siew said: “I cannot be expected to continue shouldering the financial burden and injecting fresh capital into the company."
