Swissco seeks debt restructuring for its $100m notes

It has appointed Ernst & Young Solutions as financial advisor.

Singapore-listed rig and vessel chartering group Swissco Holdings Ltd. has become one of the recent firms seeking to restructure debt amidst depressing junk-bond market.

According to the group's announcement on Singapore Exchange, it has appointed Ernst & Young Solutions LLP as independent financial advisor to assist in the refinancing and restructuring of the $100 million 5.7% notes due in 2018.

"The refinancing plan is to allow the Company to have an optimised debt structure, with sufficient time to manage its liabilities and growth in the present industry conditions," the group explained.

It is also participating in discussions with bank lenders and holders of preference shares in two of its units.

"The Company also intends to engage with the Noteholders with respect to any proposed refinancing plan," Swissco mentioned.

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