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Arduous journey ahead for Nam Cheong

OSV-focused player needs to overhaul its business model and restructure loans, contingent liabilities

Published Sun, Jul 23, 2017 · 09:50 PM

Singapore

AT first glance, it seems Nam Cheong's noteholders hold the trump card in the debt-restructuring bid of the offshore support vessel (OSV)-focused listed group.

Nam Cheong needs a 75 per cent majority vote to proceed with restructuring under the scheme or schemes of arrangement (SA). It has US$255 million in notes outstanding, outweighing some US$161 million bank loans on its books.