Singapore-based offshore vessel operator Pacific Radiance has started debt restructuring talks with its bank lenders.
Pacific Radiance and the bank lenders intend to work towards a consensual restructuring of the group’s borrowings, according to the vessel owner’s brief statement on Thursday.
The company said in its second quarter 2017 results last month it was working with its lenders to assess its debt position and working capital requirements since the industry downturn began in late 2014.
At that time, Pacific Radiance Executive Chairman, Pang Yoke Mi, said the company had appointed advisers to review its overall capital structure and develop plans that will allow Pacific Radiance to sustain its operations in the current environment and for the long term.
During the second quarter 2017, the company recorded a loss of $.5 million compared to a $62.8 million loss in the prior-year second quarter. The company’s revenues during 2Q 2017 amounted to $17.5 million, a decrease compared to the prior year revenues of $20 million.
Offshore Energy Today Staff