Falcon Energy suspends coupon payment, share trading as it embarks on debt revamp

Singapore

OFFSHORE and marine company Falcon Energy Group announced during the midday trading break on Friday that it will suspend coupon payment on notes due on Jan 19 as it embarks on a complete debt overhaul. The mainboard-listed company, in filings with the Singapore Exchange, also requested trading in its shares to be suspended.

Falcon blamed the moves on the prolonged slump in the oil services market and the need to conserve liquidity for business operations. It said the company will embark on a complete restructuring of all its liabilities "which will include our bankers, noteholders and other unsecured creditors".