Pacific Radiance debt restructuring receives 'in-principle' support from major lenders, anchor investors

OFFSHORE marine operator Pacific Radiance has received in-principle support from major lenders and anchor investors on the broad terms of its debt restructuring, the company said in an exchange filing on Thursday.

The restructuring entails debt forgiveness and debt-to-equity conversion, in consideration of the impairment that the group will make on the value of its assets.

An equity injection from investors will be used to pare down debt and for future working capital requirements.

The company, which is carrying a debt pile of over US$500 million, said it will continue to "press on with its discussions with the broader stakeholder groups" on the restructuring.