AsiaOffshore

AusGroup wins support for debt restructuring

Australian oil & gas construction, maintenance and fabrication firm has been given a boost by investors in Singapore after it was given the support of medium note holders for its proposal to restructure debts.

The AusGroup proposal, which allowed for a two-year extension to the maturity of its notes, was passed by note holders representing 88.86% of the principal amount of the notes.

Eng Chiaw Koon, managing director of AusGroup, commented: “Through transparent and committed communications between the management of AusGroup and the Noteholders, we were able to achieve a positive outcome today. The management appreciates the understanding and trust given to us from the Noteholders and will continue to work with them to fulfil the newly established obligations. The current economic climate is volatile and being able to restructure our debt under such challenging external market conditions reiterates the faith and confidence our stakeholders have in AusGroup.”

The S$110,000 7.45% notes were originally launched in September 2014 under a S$350,000 multi currency debt issuance programme. They were due to mature on October 20, 2016.

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Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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