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.”
