Oceanus updates on debt restructuring

SINGAPORE (8 Sept): Oceanus Group says it is progressing in its efforts to restructure debt.

Two of three key creditors are signing a binding term sheet, which may significantly reduce the total outstanding debt balance to $17.65 million from $71.85 million.

According to a filing by the company, the debt of $54.2 million (82.8% of total debt) from creditors Ocean Wonder International and BW Investment will be converted into new shares with prices ranging between $0.003 and $0.02167 per share.

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