Pacific Radiance headed for a messy debt revamp?

OFFSHORE and marine group Pacific Radiance could be in for a messy and possibly painful debt restructuring exercise, going by the looks of it.

Noteholders have not taken well to the terms the group put forward in its proposal to restructure S$100 million 4.3 per cent medium-term notes due on August 29.

That too many questions continue to be unanswered - about the restructuring plan and even the company's management of its resources - is only adding to the uncertainty.

According to Pacific Radiance, the plan is for noteholders to convert all of their debt into fresh equity at 1…