Oceanus completes debt restructuring, aims to be net cash positive by end of FY 2017
ABALONE company Oceanus Group said that it has completed its debt restructuring exercise, putting the group in a debt-free and "net cash positive" position by the end of its financial year (FY) 2017.
Its debt restructuring proposal had been announced earlier this month, and was approved by its shareholders last week. The group issued some 19.7 billion new shares this week, converting S$71.8 million, or 85 per cent of the group's total outstanding debt, to equity.
The balance S$12.8 million, or 15 per cent of Oceanus' total outstanding debt, will be paid in cash on or before Dec 31, 2017, funded by the group's internal resources.
The new shares issued include subscription shares relating to S$6 million of fresh funding raised from new investors.
Oceanus' executive director and CEO, Peter Koh, described this as a "watershed moment" for the group.
"We've worked tirelessly over the last three years towards this day when we can truly say that Oceanus is free of debt and will hereon stand on firm ground to leap into our next chapter of growth," he added.
"With fresh funding from new investors, Oceanus is now out of the woods, and will focus on aggressively driving business growth and value to our shareholders."
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Bank of Singapore takes action against employees for misusing medical benefits
UBS weighs synthetic risk transfer amid capital boost proposals
Oil settles higher on supply concerns in the Mid-East, economic woes subdue gains
S-Reits falter as investors weigh possibility of zero rate cuts in 2024
CapitaLand Investment posts total revenue of S$650 million for Q1
Europe: Stoxx 600 logs best day in three months as banks shine