Court grants Pacific Radiance six-month moratorium

The High Court of Singapore has granted financially troubled OSV operator Pacific Radiance a six-month moratorium in order to preserve the company’s restructuring process.

The order comes after the company made applications to the court to seek interim protection against legal proceedings last month.

The moratorium will allow the company to keep normal operations without any threat of legal proceedings or enforcements in the granted period.

The court has also ordered Pacific Radiance to submit a report on the valuation of the company’s significant assets with the affidavit in support of the intended application for a scheme of arrangement.

Pacific Radiance has been undergoing restructuring talks since last September and is carrying debts of over $500m.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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