Pacific Radiance commences court led restructuring

Singapore offshore vessel operator Pacific Radiance has announced its intention to pursue a restructuring through the courts via a scheme of arrangement.

In order to preserve the proposed restructuring, Pacific Radiance’s wholly owned unit Pacific Crest had made applications to the court to seek interim protection against legal proceedings that could sink its ongoing restructuring discussions with various stakeholders. Pacific Crest was hit this week with a winding up order from Alliance Catering claiming payments for debts of over $1m.

The protection will allow the company to go about its day to day operations while it pursues the restructuring and looks for further investment.

Pacific Radiance has been undergoing restructuring talks since last September and is carrying debts of over $500m. In February, the company’s restructuring plan was voted down by noteholders which put the company at risk of default.

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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