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.
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.