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Offshore Support Journal

Offshore Support Journal

Pacific Radiance commences restructuring effort

Wed 13 Sep 2017 by David Foxwell

Pacific Radiance commences restructuring effort
Pacific Radiance is talking to its lenders and hoping to secure a consensual restructuring of its borrowings

One of Singapore’s leading offshore support vessel owners, Pacific Radiance, has embarked on financial restructuring.

The board of directors of Pacific Radiance issued a statement confirming that, together with its advisers, it has commenced discussions with its bank lenders in relation to a review of the group’s financial position and capital structure.

The company said the group and bank lenders “intend to work towards a consensual restructuring of the group’s borrowings.”

In June 2017, Pacific Radiance Ltd confirmed that it had been granted S$85M (US$61M) in loans under two Singapore government-backed financing schemes that will help support its working capital needs over the medium term.

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