Corporate digest
Pacific Radiance
DISCUSSIONS with a financier who was planning to extend at least US$180 million in new debt to Pacific Radiance have come to a halt. The offshore marine services firm, which is working on a debt restructuring plan, said the talks "stalled" due to "certain difficulties" which arose in the course of discussions.
The new debt and new equity via a placement were meant to finance Pacific Radiance's proposed acquisition of Allianz Marine and Logistics Services and repay existing debts.
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