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Pacific Radiance starts discussion with banks to review capital structure
SINGAPORE-LISTED offshore and marine group Pacific Radiance Limited, together with its advisers, has commenced discussion with its bank lenders to review the group's financial position and capital structure, it said in a Singapore Exchange filing on Friday.
The group and the bank lenders intend to work towards a consensual restructuring of the group's borrowings, said the group, which is undergoing debt refinancing or restructuring.
For its second quarter, the group narrowed its loss on the absence of one-time impairment charges, but its bottom line continued to take a beating from weaker performance of its offshore support services business.
Net loss for the three months ended June 30, 2017 was 86 per cent lower year on year at US$8.05 million.