Falcon Energy Group's notes maturity date extended by 3 years

SINGAPORE - Bondholders of mainboard-listed Falcon Energy Group have agreed to extend the maturity date of its $50 million notes - originally due Sept 2017 - by three years and also waive all financial covenants.

Out of 168 votes cast, 156 were in favour of the resolution.

Falcon Energy is among the offshore and marine firms putting out updates about debt restructuring efforts amid a protracted slowdown in the sector.

For instance, the judicial managers of oil services firm Swissco Holdings and its unit said on Friday that the Singapore High Court granted several orders on Wednesday (Sept 13).

One for was the judicial management orders to be extended to March 18, and for the judicial managers to be given until Oct 31 to give creditors a statement of proposals.

The judicial managers will also have until Nov 14 to convene meetings of creditors to consider the statement.

They also announced that Swissco's applications to the High Court for directions on third-party securities are fixed for for a full day hearing on Oct 13.

Lift-boat operator Ezion Holdings also said on Friday it will be holding more informal meetings with holders of notes issued under its $1.5 billion multicurrency debt issue programme, on Oct 2.

The informal meetings will be facilitated and moderated by the Securities Investors Association (Singapore), Ezion said.