Bondholders have rejected Pacific Radiance’s plans to undertake a debt-for-equity swap for a bond due to mature later this year.
Holders of the SGD 100m ($75.7m) bond rejected the proposal from the shipowner that would have seen them receive 19 shares for every SGD 5 of debt held.
A second resolution, which called for the waiver of any potential events of default and covenants that may be breached so that monies in an escrow account could be used to make a coupon payment due in March 2018, was also rejected.
