Pacific Radiance asks for more time to report FY2017, Q1 2018 results

PACIFIC Radiance has applied to the Singapore Exchange for more time to announce its full-year results for the financial year ended Dec 31, 2017, as well as its first-quarter results for the fiscal year to Dec 31, 2018.

It has also asked for more time to hold its annual general meeting (AGM) for the 2017 fiscal year.

The offshore and marine group told the Singapore Exchange on Wednesday that it expects that more time will be required to reach a conclusion for ongoing discussions - with potential investors, existing lenders and noteholders - in relation to the terms of its debt restructuring.

Releasing its financial results prior to the conclusion of the main terms of the restructuring may potentially reflect incomplete information, it added.

"An extension will therefore allow the group to release its financial results after the main terms of the restructuring are finalised and presented to all stakeholders, enabling the stakeholders to better assess the financial impact of the restructuring," Pacific Radiance said.

The group said that in view of the delay in the release of the financial statements, an extension of time to convene the AGM for fiscal year 2017 and the lodgement of the annual return is necessary.

This is because the company's auditor will need additional time to complete the audit of the group's results as well as the publication and issuance of the annual report.

Last week, Pacific Radiance issued a preliminary proposal for noteholders to restructure its S$100 million medium-term notes due on Aug 29 this year.

The terms of the proposal include a full conversion of the notes to new equity, at a rate of three shares for every S$1.

Shares of Pacific Radiance closed 0.9 per cent or 0.1 Singapore cent higher at 11.6 Singapore cents on Wednesday.