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Troubled Nam Cheong to convene second informal meeting with noteholders on Sept 7

TROUBLED shipbuilder Nam Cheong on Thursday said it will be convening a second informal meeting with noteholders on Sept 7, 2017, from 7pm to 9pm.

It plans to provide noteholders further updates on its restructuring options.

The meeting will be facilitated and moderated by the Securities Investor Association Singapore, and noteholders will be given a chance to pose questions relating to the restructuring to the company's management and advisers.

Last week, Nam Cheong said it will not be making coupon and principal payments due on Aug 28 on its S$90 million 5 per cent notes (Series 2 notes) as well as coupon payments due on Aug 26 on the S$200 million 5.05 per cent notes (Series 3 notes).

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This, it said, was consistent with the firm's debt standstill. The Series 2 and 3 notes are secured by account charges over their respective ISRAs held by DBS Trustee Limited, as trustee in favour of the noteholders.

It further said that it has formed an informal steering committee to represent views from noteholders.