ASL Marine unveils informal steering committee, meeting for noteholders

ASL Marine Holdings plans to set up an informal steering committee of noteholders as it reviews its financing and capitalisation structure, the board said on Friday.

It said that it plans to work with the Securities Investors Association (Singapore), or Sias, to have an effective line of communication and discussion with holders of its series 006 4.75 per cent notes due 2017 and series 007 5.35 per cent notes due 2018, which have a combined issue size of S$150 million.

Holders of these notes, which were issued under a S$500 million multi-currency debt programme, were also invited on Friday to a second informal meeting facilitated and moderated by Sias on Oct 29 at 5pm.

The meeting is to give noteholders an update on talks with ASL's principal bankers since the first round of informal meetings was held in September and to present a proposal for the notes, the company said.

Meanwhile, noteholders who are keen on joining the informal steering committee should get in touch with Sias by noon on Oct 24.

ASL closed up by S$0.01, or 12.5 per cent, to S$0.09 before the announcements.