Bunker supplier Aegean Marine Petroleum Network has filed for Chapter 11 bankruptcy in New York on Tuesday, after auditors uncovered a fraud amounting to $300m in cash and assets.

Battered offshore supply vessel (OSV) shipbuilder Nam Cheong is looking forward to emerging from its long period of financial troubles with the successful approval and sanction of its scheme of arrangement as well as a proposed rights issue that will help to ease its cash crunch as well as position well for a recovery and future growth in oil and gas business.

Norwegian shipowner IM Skaugen has filed for restructuring in Singapore seeking court protection from its creditors.

Singapore-listed offshore vessel owner Pacific Radiance is seeking to restructure some $519m in debt.

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.

As expected John Fredriksen’s rig owning company Seadrill has filed for a Chapter 11 bankruptcy restructuring.

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