Pacific Radiance gets noteholders' support for debt revamp
Following this, the firm said it would be seeking debt forgiveness and debt-to-equity swap of US$211m in bank loans
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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.
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