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Nam Cheong's revised swap still 'contentious'
Proposal may face challenges from debt-holders who feel compromised as company fends off equity dilution
Add BT as a preferred sourcePublished Thu, Dec 7, 2017 · 09:50 PM
Singapore
NAM Cheong's sweetened equity swap for partial settlement for its US$336 million unsecured debt is likely to remain contentious, one analyst said while noting that there is still room for improvement.
The assumed cash flows underpinning Nam Cheong's debt restructuring proposal have also come under the spotlight with one noteholder fleshing out challenges to the company's offshore support vessel (OSV)-focused business even after a successful debt restructuring.
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