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Pacific Richfield Marine floats scheme to revamp debt of over US$400m

OSV player seeks support from unsecured creditors; proposal said to offer just 20 cents for every dollar owed

Singapore

OFFSHORE support vessel (OSV) owner-operator Pacific Richfield Marine Pte Ltd (PRM) and its four primary bankers are seeking support from unsecured creditors towards a proposed scheme of arrangement (SA) for the restructuring of debt estimated in excess of US$400 million.