Singapore’s Pacific Radiance sets another informal noteholder meeting

By Susanna Moon

Chicago, Jan. 10 – Pacific Radiance Ltd. said it has scheduled the second informal meeting for holders of its S$100 million of 4.3% series 001 notes due 2018.

The informal meeting for noteholders has been set for Jan. 19 in Singapore, which will be held to give an update on the company’s planned restructuring, according to a company notice.

The company said on Dec. 18 that it plans to hold a consent solicitation for the 4.3% notes by late February, which will “be carried out to facilitate the release of the monies in the escrow account to meet the coupon due in February.”

The company previously said it is also seeking support for the group’s restructuring along with the financial lenders.

The coupon is due Feb. 28.

The company said that S$4.3 million in the escrow can be used to meet the coupon due in February.

The company also plans to form a steering committee of three or more noteholders in odd numbers by December.

The first informal meeting was held Dec. 15 also for the purpose of updating holders on the restructuring.

Pacific Radiance owns and operates offshore vessels and provides subsea services, shipyard services, marine equipment and project logistics to the oil and gas industry. The company is based in Singapore.

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