Nam Cheong defaults on notes, freezes repayment on all debt
Group seeks to restructure over US$1.2 billion of borrowings and US$770 million of contingent liabilities
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Singapore
MAINBOARD-listed Nam Cheong, an offshore support vessel-focused player, is defaulting on a coupon tied to its S$90 million notes as it "temporarily ceases" repayment on all borrowings.
Nam Cheong said on Thursday that the holding company and its subsidiaries are seeking to restructure the group's over US$1 billion of debts via schemes of arrangement (SAs). This means that the group would not solicit consent from noteholders to restructure medium term notes totalling US$255 million that are maturing in stages from 2017 to 2019. Instead, the group hopes to seek approval from its note-holders and other debt-holders for its restructuring plan under the SAs.
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