Pacific Radiance

[weijian]

A lesson learnt from Swiber? (ie. Letter of Intent)

CLARIFICATION ON PRESS RELEASE

The Board of Directors of Pacific Radiance Ltd. (the "Company"), and together with its subsidiaries (the “Group”) refer to the press release on 15 June 2017 wish to further clarify that of the US$45.3 million contracts, approximately US$35.8 million are firm charters and US$9.5 million are options. The options allow for the extension of the duration of the charters and are exercisable by the charterer towards the end of the firm periods.

http://infopub.sgx.com/FileOpen/Clarific...eID=458369

[CY09]

http://splash247.com/pacific-radiance-co...scussions/

Another O&G support company undergoing debt structuring. As of 8 Sep 17, Pacific Radiance bonds are selling at 20 cents to a $1 par value. It seems market is quite pessimistic in how much lenders are going to get in return.\

Based on its 1H results, its OPEX before cash flow is not even able to pay the interest expense of its bonds and debts. Furthermore with its fleet holding speciliased ships such as AHTS and barges, i wonder how much value will they hold in a fire sale. It doesn't help much amount due from related companies is increasing despite declining revenue; it shows difficulty in collecting cash.

Lastly, given that Pacific Radiance recently drew down on the govt backed financing scheme, it is a chance for us to see how will the agencies "wipe off" their backed debts? Debt for equity swap?

[CY09]

http://splash247.com/pacific-radiance-ri...teholders/

Pacific Radiance is in trouble as bondholders have voted no to a debt to equity swap, which would have given them about 45.6 mil in shares in exchange of their 100 mil principal.[which might be worth less as selling the shares in mass drove will depress its share price]

http://infopub.sgx.com/FileOpen/2018-02-...eID=487581

I am hoping for Pacific Radiance to undergo a liquidation because I am interested to see how its govt back financing scheme will be reimbursed back to our Stat boards. It will be a good experiment to see if govt agencies will wipe it off to benefit banks and bondholders or otherwise