Courts sanction Jaya debt restructuring

Singapore: The Singapore courts have approved a debt restructuring plan offshore vessel builder and owner Jaya Holdings. The Singapore court sanctioned the two schemes of arrangement already approved creditors. The schemes will take effect from February 25 and see the restructuring of Jaya's unsecured bank debt into five-year US dollar-denominated secured obligations with principal holiday for the first two years, and repayment of principal in quarterly unequal installments from the third year onwards. [10/02/10]