Corporate digest
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PACC Offshore Services Holdings (POSH)
POSH could face a maximum impairment charge of US$42 million, following the default of its 50 per cent-owned joint venture (JV) on US$27.6 million worth of debt as at Sept 17.
In a bourse filing after the market closed on Thursday, POSH identified the JV in question as POSH Terasea Pte Ltd (PTPL). The remaining 50 per cent of PTPL is held by Terasea, a separate JV between debt-stricken Ezion Holdings and Seabridge Marine Services.
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