Pacific Radiance has been granted an extension by the Singapore Exchange (SGX) of up to July 2 to release its full-year and first-quarter results.

The offshore marine group will also have until July 16 to hold its annual general meeting (AGM).

Pacific Radiance said in a bourse filing before markets opened yesterday that it expects discussions of its restructuring terms with potential investors, existing lenders and noteholders will need more time to reach a conclusion.

"Release of financial results prior to the conclusion of the main terms of the restructuring may potentially reflect incomplete information," it said.

"An extension will allow the group to release its financial results after the main terms of the restructuring are finalised and presented to all stakeholders, including the existing shareholders, enabling the market to better assess the financial impact of the restructuring."

The group will also need more time for its auditor to complete the financial results before convening the AGM, said the company.

The extensions relate to the full year to Dec 31, 2017, and the first quarter ending March 31.

It added that it will submit an application to the Accounting and Corporate Regulatory Authority for more time to hold its AGM. It needs this in addition to the SGX approval.

Pacific Radiance began a consent solicitation exercise earlier this month for its $100 million 4.3 per cent medium-term notes due on Aug 29. It is offering a debt-to-equity conversion of 950,000 new shares for every $250,000 held. This works out to 26.3 cents a share.

The group has called for a noteholders' meeting on Feb 26 to approve resolutions relating to the proposal.

Noteholders have raised a host of concerns about Pacific Radiance's restructuring plan and have not taken well to the terms offered as it means giving up their seniority protection by becoming shareholders. They would also have to take a loss of more than 50 per cent on their investment based on current market prices.

Mr James Pang, Pacific Radiance's group managing director for commercial and business development, said: "We are still in deep discussions with bankers regarding our debt restructuring and are making every effort to ensure the sustainability of our business and the company. We seek noteholders' understanding with regard to these negotiations and hope they will give us their vote of confidence."

Investor lobby group Securities Investors Association (Singapore) is holding an informal meeting for Pacific Radiance noteholders tomorrow to help them make a decision.

Pacific Radiance shares closed down 0.2 cent at 10.6 cents yesterday after the announcement was made.