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Nam Cheong 'confident' of restructuring existing debt
NAM Cheong is "confident" that it can restructure its existing obligations to remain a going concern, the builder of offshore support vessels said on Friday in response to queries from the Singapore Exchange.
Nam Cheong, whose auditors this month noted a "material uncertainty" about the company's ability to stay in business, said that it has engaged a financial adviser.
"The group can continue as a going concern as the group is in active and continuous discussions with its major lenders and other stakeholders," Nam Cheong said.
Nam Cheong also affirmed that it has disclosed sufficient information to the public to enable trading in an orderly manner, given that discussions with lenders and stakeholders are "of a sensitive nature and ongoing".
Shares of Nam Cheong stayed flat at 2.8 Singapore cents on Friday. They have lost 40.4 per cent of their value from a week ago, following the US bankruptcy filing of industry peer Ezra Holdings and the auditor's report.