Gallant working on back-up plan to redeem 2017 bonds

Singapore

WITH Swiber Holdings's collapse haunting investors and the market, mainboard-listed Gallant Venture is not taking any chances on its S$225 million of bonds maturing next year.

Chief financial officer Alvin Choo told The Business Times: "I have zero tolerance of hiccups. If we are slightly one day late on the bond payment redemption, the market will not forgive you," adding that he is negotiating for standby banking facilities in case of delays in proceeds from the recent sale of its Shanghai property.