Cosco Shipping International has warned of a significant decrease in revenue amid an alleged fraud involving debts owed by its indirect wholly-owned subsidiary to embattled bunker supplier Coastal Oil Singapore.
OSV operator and owner Pacific Radiance has commenced discussions with potential investors to raise fresh funds as part of its debt restructuring, and has received expressions of interests from potential investors.
Bankrupt Yangzhou Dayang Shipbuilding, a subsidiary of Sinopacific Shipbuilding Group, has held its first creditors’ meeting on Saturday, more than two months after the yard went under receivership.
Malaysia’s Nam Cheong is proceeding to dispose of its corporate office property in Singapore so as to pay off an outstanding amount for the mortgage, in light of the company’s ongoing discussions on a proposed debt restructuring.
Embattled OSV builder Nam Cheong has urged noteholders to support the company’s financial restructuring involving approximately $220m of unsecured debts.
Engineering and fabrication shipyard Triyards Holdings has voluntarily suspended its shares trading on the Singapore Exchange (SGX) as the company revealed deeper financial troubles and is seeking to restructure its debts.
The High Court of Singapore has ordered the winding up of Lewek Champion Pte Ltd, wholly-owned by EMAS Offshore Limited (EOL), following a request made by Hai Jiang 1401, a special purpose vehicle fully owned by China’s ICBC Financial Leasing.
Embattled Malaysian offshore vessels builder Nam Cheong has decided to temporarily cease repayment on all borrowings as the company is reviewing its options to restructure its businesses and operations.