Pacific Radiance's new restructuring terms leave noteholders still miffed

Singapore

PACIFIC Radiance has commenced a consent solicitation exercise (CSE) on a revised debt restructuring plan for its S$100 million 4.3 per cent medium-term notes.

The offshore and marine group is still proposing a debt-to-equity conversion of the notes in full, although noteholders will now receive 19 new shares for every S$5 held - which equates to 26.3 Singapore cents per share.