Pacific Radiance begins talks with banks with view to debt restructuring

SINGAPORE - Mainboard-listed offshore and marine group Pacific Radiance has begun discussion with its bank lenders in relation to the review of the group's financial position and capital structure with a view to debt restructuring.

"The group and the bank lenders intend to work towards a consensual restructuring of the group's borrowings," it said in a pre-market filing on Friday (Sept 8).

The company trimmed its net loss in the second quarter ended June 30, 2017, by 86 per cent year on year to US$8.05 million on the absence of one-time impairment charges, though its offshore support services business contnued to see lower utilisation and charter rates.