Nam Cheong announces over $300 mil in liabilities; mulls restructuring

SINGAPORE (April 24): Nam Cheong, the OSV builder has revealed the extent of “various obligations” owed to financial lenders and trade creditors that have fallen due, and that it expects to fall due.

This includes current loans and borrowings of RM948.7 million ($300 million) as well as RM278.5 million pertaining to medium term notes that are due for repayment this coming Aug 28. 

The annoucement comes over a month after the group’s independent auditors issued a report indicating the existence of a material uncertainty exists that may cast doubt on company’s ability to continue as going concern.

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