Malaysia’s Nam Cheong sets holder meeting for 5%, 5.05%, 6˝% notes

By Susanna Moon

Chicago, July 13 – Nam Cheong Ltd. said it has scheduled an informal meeting for July 19 to consider restructuring its S$90 million of 5% series 002 notes due 2017, its S$200 million of 5.05% series 003 notes due 2019 and its S$75 million of 6˝% series 004 notes due 2018.

Nam Cheong has taken steps “to review its options to restructure its businesses, operations and balance sheet to preserve value for the stakeholders of the company to position the group to ride out the challenging market environment, including the steps taken by the group to address various obligations owed by the group that have fallen due and will fall due from time to time,” according to a notice.

The meeting will be facilitated and moderated by the Securities Investor Association Singapore, SIAS, with noteholders allowed to pose questions about the restructuring.

DBS Trustee Ltd. is the trustee.

The company stated that the meeting will be held for the dissemination of information and no decisions or voting will take place, and that it is being held “without prejudice.”

Noteholders may RSVP or ask questions by contacting the SIAS at admin@sias.org.sg or +65 6227 2683 by 12 a.m. ET on July 19.

As announced Jan. 28 holders approved amendments to the three note series to provide for a cure mechanism if the minimum interest coverage ratio of 3 times is not met and to waive any non-compliance or any potential non-compliance for the test period ended on Dec. 31.

Nam Cheong is a Kuala Lumpur-based offshore marine group that specializes in building offshore support vessels.

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