THE troubled offshore and marine (O&M) sector has seen another company, Malaysian shipbuilder Nam Cheong, proposing a restructuring plan.

How its restructuring pans out will be highly watched as Nam Cheong and another company, Marco Polo Marine, represent the first test-cases under an updated legal regime in Singapore's still-nascent restructuring sector.

The legal aspects aside, Nam Cheong will face an uphill task in convincing bondholders that they are not given the short end of the stick and that its projections are not overly optimistic.