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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
Vallianz CEO Ling Yong Wah said the Swiber SOSA was “a critical step in the restructuring efforts” of the group.<\/p>\n
“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.<\/p>\n","protected":false},"excerpt":{"rendered":"
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 …<\/p>\n","protected":false},"author":3,"featured_media":23481,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_ml_titleColor":"#000000","_ml_titleFont":"Roboto","_ml_titleFontSize":1.136,"_ml_titleFontWeight":"400","_ml_titleLineHeight":1.3,"_ml_metaColor":"#708090","_ml_metaFont":"Montserrat","_ml_metaFontSize":0.6785,"_ml_metaFontWeight":"400","_ml_metaLineHeight":0.92,"_ml_bodyColor":"#a9a9a9","_ml_bodyFont":"Open Sans","_ml_bodyFontSize":0.85,"_ml_bodyFontWeight":"400","_ml_bodyLineHeight":1.2,"_ml_wooPriceColor":"#666","_ml_wooPriceFont":"Open Sans","_ml_wooPriceFontSize":0.9,"_ml_wooPriceFontWeight":"400","_ml_wooPriceLineHeight":1.27,"_ml_headingColor":"#000","_ml_headingFont":"Merriweather","_ml_headingFontSize":2.02,"_ml_headingFontWeight":"700","_ml_headingLineHeight":1.47,"_mlglobal_userfontcolors":{"headingColorUser":[],"titleColorUser":[],"metaColorUser":[],"bodyColorUser":[],"wooPriceColorUser":[]},"_uag_custom_page_level_css":"","footnotes":""},"categories":[80,60],"tags":[149],"yoast_head":"\n