Singapore offshore operator Pacific Radiance says it has commenced discussions with potential investors as it looks to raise funds as part of debt restructuring discussions the company commenced last month.
With several expressions of interests from investors, the company said it has reached an informal arrangement with major lenders to temporarily suspend certain debt obligations. It also intends to meet with noteholders in the next few weeks to update them on the restructuring.
“We will continue to focus on growing revenue while exercising prudence in our cashflow management. We have worked closely with our lenders to assess our debt position and working capital requirements since the industry downturn began in late 2014,” executive chairman Pang Yoke Min said last month.
As of June 30, total bank loans and notes payable by the company stood at $522.5m.