Struggling Singapore OSV provider Vallianz Holdings has fixed separate set-off and settlement agreements (SOSAs) with Swiber Holdings and Rawabi Holding to restructure net payables and shareholder’s advances of up to $138.7m.
Swiber holds a 20.9% stake in Vallianz. Both parties have entered into an agreement to convert net payables to Swiber of $36.6m into shares in Vallianz’s capital through the proposed rights cum warrants issue.
Rawabi, which now owns 15.6% stake in Vallianz, has also agreed to convert its shareholder’s advances of $102.1m to Vallianz into equity through the proposed rights cum warrants issue, and to subscribe for any excess rights in the issuance.
Vallianz CEO Ling Yong Wah said the Swiber SOSA was “a critical step in the restructuring efforts” of the group.
“It provides clarity on the intention of both parties to move forward with a planned resolution on the net payables issue. Rawabi continues to demonstrate its strong support through the intention to significantly raise its shareholding in Vallianz,” he said.
