Pacific Radiance gets noteholders' support for debt revamp

Singapore

PACIFIC Radiance's noteholders have granted the listed offshore support vessel group the vote needed to push through a debt restructuring plan.

On Friday, noteholders representing 94.28 per cent in value of those voting and present, voted in favour of the restructuring proposal for the S$100 million notes maturing this August. Holders of S$17 million in outstanding notes did not exercise their rights to vote. Still, Pacific Radiance has cleared the bar by winning a majority vote in excess of the requisite 75 per cent value of the issued notes.