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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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