“To allow the group time to implement the possible fresh funding as part of the restructuring, the company has reached an informal arrangement with major lenders to temporarily suspend certain debt obligations of the group,” Singapore-listed Pacific Radiance stated.
The company added that it intends to hold an informal meeting “in the next several weeks” with noteholders of its series 001 4.3% notes due 2018 issued under the SGD1bn ($739m) multicurrency debt issuance programme.
In September, Pacific Radiance started talks with its bank lenders to restructure its debts.
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