Oceanus Group’s proposed debt restructuring has set it firmly on the road to recovery, the company’s head honcho said.
Earlier this year, the home-grown seafood supply chain manager announced that its key creditors will convert 76.4 per cent of Oceanus’ outstanding debt to new shares.
About $32 million worth of debt will be bundled with $6 million funds injected by new value investors and Oceanus’ management.
This will be converted into shares for the new value investors and the company’s management.
A further $29.57 million of debt will be converted to new shares and issued to Oceanus’ biggest creditors.
This leaves Oceanus with a remaining debt of $20 million, which it expects to get rid of with the $38 million s…
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