Singapore offshore vessel operator Pacific Radiance has secured approval from the majority of its bondholders to proceed with its proposed restructuring plan.
Under the restructuring proposal, Pacific Radiance has asked bondholders to swap out their bonds for warrants and either of two options: cash and equity, or convertible bonds. The company was also seeking to waive the non-payment of the principal amount of the notes, and to postpone the maturity date of the notes till Sept 30, 2019.
Pacific Radiance applied for debt restructuring with a court in May this year and was granted six-month moratorium in June.
The company has been undergoing restructuring talks since last September and is carrying debts of over $500m.