O&M sector note issuers begin restructuring efforts sooner now

Singapore

TWO Singapore-listed offshore-and- marine (O&M) players - Ezra Holdings and Swissco Holdings - on Tuesday called for noteholders' meetings in late October, just one day apart from each other, to seek waivers on covenants or restructure notes maturing in 2018.

Some market watchers expressed surprise at the earlier-than-expected moves on notes not due for redemption until two years down the road. But others argued O&M companies may have learnt to act sooner rather than later after the Swiber fallout to seek noteholders' support for debt restructuring.

Before trading started on Tuesday, Ezra…