Pacific Radiance (SGX: T8V)

Shion

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I remember got an existing thread on this ???

Anyway:
Pacific Radiance begins talks with banks with view to debt restructuring

http://www.straitstimes.com/busines...gins-talks-with-banks-on-working-towards-debt

SINGAPORE - Mainboard-listed offshore and marine group Pacific Radiance has begun discussion with its bank lenders in relation to the review of the group's financial position and capital structure with a view to debt restructuring.

"The group and the bank lenders intend to work towards a consensual restructuring of the group's borrowings," it said in a pre-market filing on Friday (Sept 8).

The company trimmed its net loss in the second quarter ended June 30, 2017, by 86 per cent year on year to US$8.05 million on the absence of one-time impairment charges, though its offshore support services business contnued to see lower utilisation and charter rates.
 

Mr. Wood

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even with the restructuring, is it wise to touch this industry now?
 

Jupiter2017

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http://www.businesstimes.com.sg/com...3-net-loss-to-us132-million-by-slashing-costs
Pacific Radiance cuts Q3 net loss to US$13.2 million by slashing costs
Fri, Nov 10, 2017 - 9:58 AM Rachel Mui rachmui@sph.com.sg

OFFSHORE and marine group Pacific Radiance reduced its third-quarter net loss by 27 per cent to US$13.16 million from a year-ago loss of US$17.97 million as efforts to contain operation and overhead costs gained traction.
On a per-share basis, net loss was 5.0 US cents for the third quarter. Net loss for the first nine months of the year narrowed to US$35.96 million, or 11.5 US cents per share, from a year-ago US$82.46 million.
No dividend has been declared for this financial period.
Third-quarter revenue declined 9 per cent to US$17.21 million from US$18.92 million, weighed by lower vessel utilisation and charter rates in the offshore support segment and by weaker subsea sales. However, the shipyard business, which began operation in the third quarter of 2016, contributed a US$1.7 million increase in revenue.
Cost of sales fell to US$18.79 million in the third quarter, a 31 per cent reduction from the same period a year earlier.
"To date, our cost-cutting efforts through right-sizing of our fleet and tightening control on operating costs and overheads have helped to improve performance at the bottom line. An improvement in the conditions of the oil market is much needed to support our efforts to uplift fleet utilisation and build resilience in the shipyard business," said Pacific Radiance's executive chairman Pang Yoke Min.
"Whilst there has been growing optimism on a nascent recovery in the offshore market as oil prices trend above US$60 per barrel, operating conditions are still expected to remain challenging in the next 12 months, as lingering supply overhang in the offshore market is expected to keep charter rates low," Mr Pang said.
In addition, the group is making headway in raising fresh funds from potential investors, and in the process of working out a sustainable debt structure with its lenders, Mr Pang added.
 

Jupiter2017

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http://www.businesstimes.com.sg/com...ance-to-convene-noteholders-meeting-on-dec-15
Pacific Radiance to convene noteholders meeting on Dec 15
Tue, Nov 21, 2017 - 8:31 PM Lynette Khoo lynkhoo@sph.com.sg

PACIFIC Radiance Ltd said that it will be convening an informal meeting with noteholders on Dec 15 at its office to update them on the progress of restructuring its S$100 million medium-term notes.
It had said last month that it received expressions of interest from potential investors, and secured a temporary suspension on certain bank debt obligations.
The medium-term notes, which have an interest of 4.3 per cent, are due to mature next year.

Price link: http://www.shareinvestor.com/fundamental/factsheet.html?counter=T8V.SI
 

Shion

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Pacific Radiance offers noteholders debt-to-equity swap, two coupon payments

Pacific Radiance offers noteholders debt-to-equity swap, two coupon payments

http://www.businesstimes.com.sg/com...lders-debt-to-equity-swap-two-coupon-payments

OFFSHORE marine services firm Pacific Radiance has tabled a proposal for noteholders in its bid to restructure its S$100 million medium-term notes.

The notes, which have an interest of 4.3 per cent, are due for maturity on Aug 29 this year.

The terms of the proposal include a full conversion of the S$100 million notes to new equity - at three shares for every S$1, with no lock-up period.

This works out to be about three Singapore cents for each new share.

In its presentation to noteholders at their second informal meeting on Friday, Pacific Radiance said it will issue a total of 300 million new shares worth S$36 million, based on the stock's last closing price on Jan 18 of 11.9 Singapore cents per share.

The firm will also release S$4.3 million, representing two coupon payments, from the escrow account, once it obtains shareholders' approval.

The proposal includes a waiver of financial covenants, other covenants/conditions and other events of default.

Noteholders have the option to liquidate their shares on the market, or hold the shares to "participate in future equity exercise and recovery", said Pacific Radiance.

The company plans to launch a consent solicitation exercise on Feb 26 to convert the notes into shares as part of the financial restructuring.

For the proposal to go through, two or more noteholders holding 75 per cent of the principal amount of the notes must give their approval. At least 75 per cent of the noteholders present at the meeting must also vote in favour.

It will also launch a consent solicitation exercise on the same day to facilitate the release of the monies in the escrow account to meet the coupon due on Mar 1.

Pacific Radiance said in the presentation that "the management believes the market is at its inflection point and the business is viable in the long run".

Employees across the company are now doing more work with lesser resources and are exploring every avenue to cut cost without losing quality, while the management team has taken a substantial cut in remuneration to tide the group over this period, it said.

"Post-restructuring, with the blessing of all stakeholders, the management envisages itself to emerge as an even stronger entity well poised to ride on the upcoming market recovery," it said.

The group said it plans to diversify beyond oil price-related services and into offshore wind industry.

Pacific Radiance had requested for a trading halt on its shares on Friday afternoon. The stock last traded at 11.9 Singapore cents on Jan 18.
 

Jupiter2017

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http://www.businesstimes.com.sg/com...-sweetens-debt-to-equity-offer-to-noteholders
Pacific Radiance sweetens debt-to-equity offer to noteholders
Fri, Feb 02, 2018 - 9:58 AM Navin Sregantan navinsre@sph.com.sg

Offshore marine group Pacific Radiance announced on Friday a consent solicitation exercise for a revised restructuring plan with better terms for holders of its S$100 million 4.3 per cent medium-term notes .
In its preliminary proposal, Pacific Radiance offered full conversion of the notes to new equity, at a rate of three new shares for every S$1 held.
Under the revised proposal, also for full conversion, noteholders will receive 19 new shares for every S$5 held, which equates to 3.8 shares for every $1.
Coupon payments totalling S$4.3 million from an escrow account will be retained from the earlier proposal.
The notes are due to mature on Aug 29, 2018.
The company has called for a meeting of noteholders at 10am on Feb 26, 2018, to approve resolutions pertaining to the revised proposal.
Pacific Radiance shares closed at S$0.12 on Thursday.
 

Jupiter2017

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http://www.businesstimes.com.sg/com...ers-should-reject-restructuring-proposal-ocbc
Pacific Radiance noteholders should reject revised restructuring proposal: OCBC
Wed, Feb 07, 2018 - 10:49 AM Andrea Soh sandrea@sph.com.sg

PACIFIC Radiance noteholders should reject the company's plan to redeem its bonds by issuing new shares, said OCBC.
"Noteholders deserve better information about the overall restructuring plan as well as how other stakeholders are committing to the reorganisation before taking both sizable haircuts and structural subordination," said its credit analyst Nick Wong.
He said that the trade-offs look "unbalanced" for noteholders, noting that noteholders will be taking a large implied haircut of over 50 per cent based on current market prices, as well as give up their seniority protection by becoming equity holders.
In contrast to the huge haircut on the bonds, existing shareholders are only diluted by about 35 per cent, he added. Furthermore, capital raising via rights issues or warrants would likely be part of the restructuring process, further diluting the equity stake the noteholders receive.
"Noteholders are effectively flying blind without knowing the other aspects of the restructuring," he wrote.
"Comparatively, for the other recent restructurings in the offshore and marine space, the restructuring plans are either more holistic (if haircuts are required on noteholders) or noteholders benefit from remaining (at least in part) senior unsecured creditors."
Pacific Radiance announced on Feb 2 a consent solicitation exercise for a revised restructuring plan with better terms for holders of its S$100 million 4.3 per cent medium-term notes .
In its preliminary proposal, Pacific Radiance offered full conversion of the notes to new equity, at a rate of three new shares for every S$1 held.
Under the revised proposal, also for full conversion, noteholders will receive 19 new shares for every S$5 held, which equates to 3.8 shares for every S$1, or 26.3 Singapore cents per share.
Still, OCBC recommends noteholders accept the second resolution of the consent solicitation exercise which seeks to waive events of defaults and financial covenants, saying Pacific Radiance might tip into technical default otherwise.

price link: http://www.shareinvestor.com/fundamental/factsheet.html?counter=T8V.SI
 

Upzzzz

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Hear say. Zup lup March or April. They transferring their ships to ME JV. bye bye.
 
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