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.
