Singapore OSV owner Pacific Radiance has revealed the details of a restructuring plan that it hopes can revive its business.
The company, which applied for court protection from creditors last week, will issue $120m of new shares equalling 65% of its enlarged equity.
It will then repay $100m of bank loans, while lenders will write off another $100m.
The owner said the move will "put the group back on even keel, ensuring the business sustainability under the current distressed market and positioning it for the eventual recovery of the sector."
