Nam Cheong gets nod from creditors for Singapore scheme

Singapore

SCHEME creditors of offshore support vessel (OSV)-focused Nam Cheong on Wednesday gave the holding company the nod to proceed with its debt restructuring plan.

Nam Cheong won a majority vote of 94.139 per cent of total value of the scheme creditors present and voting at the court meeting of the Singapore-listed holding company. This equates to a favourable vote from creditors representing US$338.7 million in value owed.