Singapore-based Pacific Radiance was back in Singapore’s High Court yesterday asking for interim protection against legal proceedings that it claims could regress the Group’s ongoing discussions with the various stakeholders.
The company revealed in an announcement this morning that it had filed an application asking that no appointment shall be made of a receiver or manager over any of its property or undertakings an that, except with the leave of Court, no legal proceedings may be commenced or continued against it.
In addition, it asked that no execution, distress or other legal process be allowed to commence against any of its property, and no steps to enforce any security over any of its property or to repossess any goods held until 11 December 2018 or until further order.
The company added that if granted, the protection would allow it an opportunity and adequate time to continue to finalise its restructuring and the Investment.
A similar application was asked for by the company in June.
In April, the company said that it had received approval from creditors with regards to its restructuring plan that involved debt forgiveness and debt-to-equity conversion.
The plan called for what it described as an "anchor" partner pumping in $85m to its restructuring.
The investment would come in the form of a non-binding term sheet for an equity injection through buying new shares in a private placement.
In addition the company would issuing new stock worth $120m. The new shares would equal 65% of its enlarged equity.
It would then repay bank loans totalling $100m, while lenders would write off another $100m.
