Successfully acted for the secured lenders collectively in relation to the restructuring of Pacific Radiance Ltd. The lenders collectively financed 33 vessels operating in South Asia, Asia, Middle East, Africa, Australia and Latin America. As part of the court sanctioned scheme of arrangement, the vessels were successfully sold to an affiliate of Mexican vessel owner ENAV Offshore. The restructuring also involves some secured lenders receiving an allotment of around 4% of shares of Pacific Radiance Ltd. This restructuring took place over 5 years and was successfully completed in August 2022.
Partners Sim Kwan Kiat from the Restructuring & Insolvency Practice and Jonathan Oon from the Shipping Practice led the case.
