Blue Ocean Resources Chapter 15 bankruptcy case closed by U.S. court

By Caroline Salls

Pittsburgh, Aug. 17 – Blue Ocean Resources Pte. Ltd.’s Chapter 15 bankruptcy case was closed on Friday by the U.S. Bankruptcy Court for the Southern District of New York.

As previously reported, Blue Ocean’s scheme of arrangement proceedings before the High Court of the Republic of Singapore were granted U.S. court recognition by the U.S. court in July.

Blue Ocean announced earlier this year that it would ask holders of its $325 million of step-up rate guaranteed senior secured notes due 2020 to approve the scheme in the Singapore proceedings. The scheme was sanctioned by the Singapore court on May 21.

Under the scheme, Blue Ocean’s $325 million of senior secured note debt will be reduced to $145.75 million through the issuance of new senior secured notes due 2021.

In 2018, the new notes will accrue interest at a rate of 4%. In 2019 through 2021, interest will accrue at a rate of 8%.

Also under the scheme, the company will issue 92,890 zero-coupon secured mandatorily exchangeable bonds due 2022 in exchange for the cancellation of the step-up notes and pay a consent fee to noteholders who became party to a restructuring support agreement before Sept. 10, 2017 and voted in favor of the scheme at a meeting held on April 27.

Singapore-based Blue Ocean is a subsidiary of seafood producer PT Central Proteinaprima Tbk. The company filed bankruptcy on May 25 under Chapter 15 case number 18-22806.

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