SINGAPORE (Jan 25): Oceanus Group, the homegrown seafood supply chain manager, announced it has entered into a binding agreement with its key creditors for a proposed debt restructuring, converting 76.4% of its total outstanding debt to equity.

Under the proposed restructuring, Oceanus’ key creditors BW Investment (BWIL), Ocean Wonder International Limited (OWIL) and Ocean King Group (OKGL), have agreed to transfer $31.87 million of the outstanding debt to a consortium consisting new value investors and Oceanus’ management.

The proposed restructuring is subject to shareholders approval at an extraordinary general meeting to be convened.

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