Vallianz trades new shares to cancel some debts

Vallianz Holdings is offering new shares to 13 of the companies it owes money to in order to balance its books. The companies are mainly engineering firms and hail from Singapore, Malaysia and Hong Kong.

Vallianz, a Singaporean OSV operator struggling with the protracted offshore downturn as well as its links to bust Swiber Holdings, said it has signed letters of agreement with the 13 trade creditors for S$7.6m ($5.36m) of new shares, wiping out some of its debts.

Ling Yong Wah, CEO of Vallianz, commented: “The group has over the years built up long term working partnerships with our vendors. They have a good understanding of the group’s business and we believe this exercise is a reflection and testament of their trust and confidence in Vallianz’s prospects.”

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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