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S'pore oil borrowers asking bondholders to cut them some slack

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Published Tue, Nov 24, 2015 · 09:50 PM

Singapore

BORROWERS in Singapore, so far spared from a wave of defaults in the oil services industry, are starting to ask creditors to cut them some slack.

Three companies including Dyna-Mac Holdings Ltd, part-owned by Keppel Corp, this month are asking bondholders to alter certain debt limits or profit targets as contract delays wreck firms' earnings. The issuers are among 28 oil services firms listed in Singapore with more than S$1.8 billion of notes maturing next year.

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