Singapore opens new door for bondholders to chase default losses

(Oct 9): Singapore is giving liquidators of insolvent companies a new tool to retrieve funds for bondholders and other creditors.

Court-appointed managers will now be able to seek funding from investors unrelated to the case to pay the cost of pursuing claims, in exchange for part of the proceeds. That change came under the Insolvency, Restructuring and Dissolution Act, which was passed by lawmakers on Oct 1.

Richard Elman says won’t take up directorship at new Noble; Deutsche Bank confirms bid to buy bonds

SINGAPORE (Aug 20): Richard Elman, the founder of Noble Group, will not take up the position as an executive director of the embattled commodities trader after its restructuring.

Elman’s decision not to take up the position as previously announced was due to personal reasons, said the company in a stock exchange filing on Monday, and comes days ahead of a crucial shareholder vote on its planned US$3.5 billion ($4.8 billion) restructuring.

Noble Group sweetens debt restructuring deal, gets founder's backing

SINGAPORE (Apr 16): Noble Group improved the terms of its controversial $3.4 billion debt restructuring deal and won the support of its biggest shareholder as the commodity trader seeks to complete the vital transaction.

Singapore-listed Noble's debt-for-equity swap has already won the backing of more than 83% of the holders of its senior debt but it also needs a majority of its shareholders to approve the restructuring.

Sino Grandness enters into restructuring agreement with bondholders

SINGAPORE (July 10): Sino Grandness Food Industry Group said it has entered into a restructuring agreement with its bondholders for a further restructuring of the 2011 Bonds, the 2012 Bonds, the 2011 SB2 Bonds and the 2012 SB2 Bonds.

The restructuring includes full redemption of the 2011 SB2 Bonds and 2012 SB2 Bonds with aggregate principal sum of RMB178.6 million ($36.4 million).

There is also the substitution of the 2011 Bonds into 2011 Preference Shares and 2012 Bonds into 2012 Preference Shares.

Rickmers noteholders reject debt restructuring plan

SINGAPORE (Dec 21): Rickmers Maritime, the Singapore-listed trust that operates container ships, said investors rejected a debt restructuring plan for its $100 million note on Wednesday, prolonging uncertainty about its future.

Rickmers is among a growing list of companies in Singapore that have been struggling to meet their debt commitments this year and have asked bondholders for leniency.

Rickmers receives letter saying some bondholders considering legal action

SINGAPORE (Oct 20): Singapore-listed Rickmers Maritime, a trust that operates container ships, said on Thursday it received a letter from a law firm informing it that some holders of a $100 million bond want to take legal steps to enforce early repayment.

Rickmers has been seeking holders' support to restructure the bond, maturing in 2017, in a bid to avoid potential liquidation amid a shipping downturn. The trust has seen its market value tumble more than 70% so far this year to about US$20 million ($27.8 million).

Marco Polo Marine plans to delay payment on bonds in Singapore

Marco Polo

SINGAPORE (Sept 9): A Singapore provider of barges and tugs for coal, steel scrap and iron ores plans to ask bondholders for approval to delay paying $50 million of securities due next month after appointing an external adviser to review its business.

Marco Polo Marine told some noteholders of the plan at a meeting Tuesday, and those present “appeared generally supportive,” it said in a filing to the Singapore Exchange. The firm said it will hold another meeting on Sept 16 to allow investors to digest the proposed terms of the debt extension, which it didn’t disclose.

Rickmers Maritime seeks bondholder support to restructure loans and stay afloat

SINGAPORE (Sept 8): With the embattled shipping sector still nowhere near turning for the better, Rickmers Maritime is once again being forced to seek debt relief from its lenders to stay in business.

On Sept 7, the shipping trust announced that its lenders had collectively agreed to extend the repayment of a US$260 million ($350 million) outstanding loan from March 2017 to 1Q2021.

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