Pacific Radiance seeks further extension of debt moratorium

OFFSHORE marine services firm Pacific Radiance and its two units have applied to Singapore's High Court to extend a debt moratorium that expires on Oct 17, 2019, the company said in a bourse filing on Wednesday.

The companies have also filed applications to convene meetings with their respective creditors regarding schemes of arrangement they have made with the creditors. They have also proposed that KPMG Services Pte Ltd's Bob Yap Cheng Ghee or Toh Ai Ling be appointed chairman of the meetings.

The applications to extend the debt moratorium and to convene the meetings will be heard together on Oct 7, 2019 at 3pm. Their last moratorium extension was from Sept 5, 2019 to Oct 17.

Pacific Radiance and its indirect wholly owned subsidiary CSI Offshore Pte Ltd filed the application to meet with creditors on Sept 23, while its other unit Pacific Crest Pte Ltd filed on Sept 24.

In Pacific Radiance's previous bourse filing on Sept 3, it said that the three firms would apply for leave to meet with creditors by Sept 23.

Pacific Radiance in August had said it is in "advanced discussions" with debt funders for at least US$180 million of debt funding.

Trading of Pacific Radiance's shares has been voluntarily suspended since Feb 28 last year.