Cargo handling equipment manufacturer MacGregor is to lay-off around 10% of its workforce as it aims to save EUR13m annually.
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.
Beleaguered ASL Marine has updated shareholders that its bank creditors have continued to lend their support despite the breach of one covenant, and sought to allay an insolvency concern raised in an auditor’s report.
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.
The business of Asia Offshore Drilling (AOD), majority owned by Seadrill, is at this at stage excluded from Seadrill’s Chapter 11 filing and AOD will continue operations as per normal.
Bertram Rickmers and Zeaborn Group have come together to save the shipmanagement part of insolvent Rickmers Group and aims to rescue the other parts of the business.
China Shipbuilding Industry Corporation (CSIC) has revealed that the group is poised to enter into a restructuring agreement with an unnamed party by 15 September, a deal that is expected to round up the group’s ongoing consolidation exercise amid the shipbuilding industry downturn.
Baker Technology’s subsidiary and Point Hope have emerged as the ‘white knight’ investors for beleaguered EMAS Offshore Limited (EOL), which will receive a $50m investment from the investors.