Court grants Pacific Radiance six-month debt moratorium

THE Singapore High Court on June 11 granted Pacific Radiance a six-month debt moratorium to give the offshore support vessel owner-operator time to restructure its debts.

The company is also required to submit to the Court a report on the valuation of its significant assets together with the affidavit in support of its intended application for a scheme of arrangement.

Pacific Radiance had said that the restructuring will involve a debt-to-equity swap proposal for holders of its S$100 million, 4.3 per cent Series 001 notes due 2018.