Nam Cheong applies for scheme of arrangement with High Court

SINGAPORE (Oct 10): Nam Cheong last Friday filed an application with Singapore's High Court to restructure its debts under a scheme of arrangement.

The Malaysia-based shipbuilder of offshore support vessels has also applied for a six-month moratorium on legal proceedings against it.

However, the moratorium will not preclude DBS, the trustee of notes issued by the group, from taking steps to enforce its rights to release monies from an escrow account in favour of two tranches of notes, the Series 3 $200 million 5.05% notes due 2019 and the Series 4 $75 million 6.50% notes due 2018.

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