Pacific Radiance's proposal calls for noteholders to take haircut

Singapore

NOTEHOLDERS of Pacific Radiance may be staring at losses of as much as 70 per cent on their investments, going by the terms laid out in the firm's preliminary proposal to restructure its S$100 million medium-term notes.

The offshore marine group is asking them to swap their notes for fresh equity at a rate of three new shares for every S$1 - which works out to about 0.33 Singapore cent for each new share.