Singapore offshore firm Swissco Holdings has announced the appointment of Ernst & Young Solutions as an independent financial advisor to assist in the refinancing and restructuring of its S$100,000 5.7% notes due in 2018.
Swissco says that the next interest payment date to note holders falls on October 16, and that with this payment in mind it is considering a refinancing plan to optimise its debt structure. It plans to engage with holders of the notes in regards to any proposal, with an informal meeting scheduled for October 10.
The company stated that it is already actively engaged in ongoing discussions with all of its bank lenders and holders of the redeemable exchangeable preference shares in S&E Offshore Investments and S&E Offshore Investments.
Swissco did not make clear whether it had sufficient finances to make the schedule payment for the notes should a restructuring not occur.
Its Great & like to cooperate..