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.