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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

DieselElectricPSV.jpg
Building of a diesel electric platform supply vessel at Nam Cheong’s 12.6-hectare Miri shipyard located in Kuala Baram, Sarawak, Malaysia.

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

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