Nam Cheong's restructuring plan generally well received

Singapore

MARKET observers on Friday commended troubled shipbuilder Nam Cheong Limited for being proactive in engaging noteholders on its restructuring plan, while some bondholders say that they are likely to vote in favour of the scheme as it beats the alternative liquidation scenario.

Nam Cheong, meanwhile, said late on Thursday night that it was disposing its office lots at Suntec City to a third-party purchaser.

In a plan unveiled to noteholders on Thursday evening, Nam Cheong proposed that its creditors swap 35 per cent, or US$116 million, of its unsecured debt for equity with a hairc…