ASL Marine seeks to delay note payments

ASL Marine seeks to delay note payments

Singapore’s ASL Marine has announced that it has issued a consent solicitation statement to its noteholders to seek approval to extend the maturity of the company’s notes.

The notes include a series of S$100m notes due in March 2017, and a series of S$50m notes due in October 2018, which were together issued under a $500m multicurrency debt issuance programme.

Under the consent solicitation, ASL Marine is proposing to extend the maturity of the notes for three years, introduce a call option and mandatory redemption event, amend interest rates payable of the notes, allow for a form of security to be taken and amend certain financial covenants.

ASL Marine is facing credit tightening by financial institutions, subcontractors and suppliers, and difficult operating conditions in the OSV market. The company’s fleet utilisation rate has fallen to 57% as of 30 September 2016.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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