Singapore-listed offshore firm ASL Marine is holding an informal meeting of its bondholders ahead of a restructuring.

ASL Marine is holding a meeting of bondholders on 16 December ahead of consent of solicitation exercise.

The meeting is with holders of its SGD100m notes due in 2017 and SGD50m notes due in 2018. No details of the planned consent for solicitation exercise.

“Noteholders should note that no resolutions are being proposed for adoption at the informal meeting, which is not intended to, and does not constitute, a meeting convened pursuant to the Trust Deed relating to the notes,” ASL Marine said.

ASL Marine is the latest listed Singapore shipping and offshore company to seek to restructure its notes. While some such Marco Polo Marine have been successful, others such as Swissco failed and went under judicial management.

Source:seatrade-maritime.com