In a perfect storm, will Nam Cheong scheme creditors take a leap of faith?
Even if they take the plunge, an anchor of US$866m contingent liabilities will still weigh down the company
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CREDITORS of Nam Cheong, including holders of Singdollar notes, will cast their votes next week on three schemes filed in Singapore and Malaysia to facilitate the group's debt restructuring.
The debt revamp is in turn, aimed at giving the group extra time to tide over the rest of the current offshore and marine (O&M) downturn.
As at June 30, 2017, the group had RM2.44 billion (S$814.75 million) in current liabilities, compared to RM1.33 billion of current assets.
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