Pacific Radiance subsidiaries’ creditors approve schemes at meetings

By Marisa Wong

Los Angeles, July 21 – Pacific Radiance Ltd.’s board of directors announced the outcome of the scheme meetings for subsidiaries Pacific Crest Pte. Ltd. and CSI Offshore Pte. Ltd.

High Court of the Republic of Singapore meetings were held on July 20 via video conference. The court meeting for Pacific Crest’s scheme creditors was held first, followed by the meeting for CSI Offshore’s scheme creditors.

At the Pacific Crest meeting, 100% of Pacific Crest’s scheme creditors, present and voting either in person or by proxy, approved the scheme.

At the CSI Offshore meeting, a majority of 86% in number, representing 94% of the total value of those of CSI Offshore’s scheme creditors who are not related creditors and 100% of the related creditors of CSI Offshore, present and voting either in person or by proxy, approved the scheme; and 14% in number, representing 6% of the total value of those of CSI Offshore’s scheme creditors who are not related creditors voted against the scheme.

Accordingly, both the Pacific Crest scheme and CSI Offshore scheme have been approved by the required majorities of each class of Pacific Crest’s and CSI Offshore’s scheme creditors under Section 210(3) of the Companies Act.

The two Pacific Radiance subsidiaries will be making the necessary applications to seek the court’s sanction of the respective schemes.

Each of the schemes will become effective after the court has granted its approval to the scheme, with or without alterations or conditions, under Section 210 of the Companies Act; and a copy of the order of the court approving the scheme is lodged with the Registrar of Companies in accordance with Section 210 of the Companies Act.

Upon each of the schemes becoming effective, a moratorium will be in place.

Further, the implementation condition to each of the schemes will need to be met or waived by the long stop date of Oct. 31. The implementation condition for the PCPL scheme is that the court has approved the CSIO scheme. Likewise, the implementation condition for the CSIO scheme is that the court has approved the PCPL scheme.

The company said it wishes to thank stakeholders for their support of the schemes and the company throughout the restructuring process.

Drew & Napier LLC and KPMG Services Pte. Ltd. acted as the company’s legal and financial advisers for the restructuring.

Trading of the company’s securities on the Singapore Exchange has been voluntarily suspended by the company since Feb. 28, 2018.

Singapore-based Pacific Radiance owns and operates offshore vessels and provides subsea and shipyard services, equipment and logistics for the oil and gas industry.

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