Pacific Richfield Marine floats scheme to revamp debt of over US$400m
OSV player seeks support from unsecured creditors; proposal said to offer just 20 cents for every dollar owed
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Singapore
OFFSHORE support vessel (OSV) owner-operator Pacific Richfield Marine Pte Ltd (PRM) and its four primary bankers are seeking support from unsecured creditors towards a proposed scheme of arrangement (SA) for the restructuring of debt estimated in excess of US$400 million.
An SA gives the existing management of a debt-saddled company the respite to carry out restructuring without having to secure the unanimous consent of all its creditors. The alternative to SA is judicial management, which calls for the company to be controlled by a court-approved management team.
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