Pacific Radiance risks default after restructuring plan voted down by noteholders

Pacific Radiance risks default after restructuring plan voted down by noteholders

Singapore offshore operator Pacific Radiance has been given the thumbs down by noteholders who voted against a proposed restructuring plan which would have seen them receive cash and shares worth 40.3 cents for every dollar they had invested.

 A second option given to noteholders, which would have seen one coupon payment made and talks extended, was also voted down.

Pacific Radiance had warned last month that should both plans fail to pass the company is likely to go into default. It has been undergoing restructuring talks since last September and is carrying debts of over $500m.

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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