ASL Marine sets out restructuring terms over S$150m debts

Singapore

SHIPBUILDER and vessel charterer ASL Marine on Thursday sought an extension from bondholders of two note issues due soon that are worth S$150 million in all - with a loan facility hinging on the bond restructuring.

In turn, ASL Marine will progressively step up on the coupon rate for the bonds for the extended three years, but also offer to redeem part of the principal over the same time.

"ASL Marine is facing significant financial covenant pressure and also foresees that there may be difficulty in redeeming th…