Institutional noteholders weigh in on Nam Cheong scheme
Two Malaysian banks, RHB and CIMB, emerge as significant institutional investors in company's medium-term notes
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THE responses of two Malaysian banks that have emerged as significant institutional investors of Nam Cheong's medium-term notes may hold sway over the outcome of one of the first schemes of arrangement (SAs) tabled for a listed offshore and marine entity under Singapore's updated debt restructuring regime.
RHB and CIMB Bank were represented at the noteholders' meetings convened for the purpose of Nam Cheong's SA, which tabled, among other things, a proposed debt-to-equity swap for US$336 million in unsecured debts and notes issuances on the books of the Singapore-listed holding company.
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