Pacific Radiance to convene noteholders CSE in Feb

Singapore

PACIFIC Radiance said after Monday's trading hours it is looking to convene a consent solicitation exercise (CSE) for the restructuring of S$100 million medium-term notes (MTNs) next February.

At its first informal meeting with holders of these notes held on Friday, Pacific Radiance acknowledged that its current debt level is unsustainable considering fleet utilisation and charter rates have remained depressed as a result of a prolonged sectoral downturn.