Shipbuilder Nam Cheong halts debt repayments
It eyes restructuring its bank facilities.
Reuters reported that Singapore-listed shipbuilder Nam Cheong Ltd. has temporarily stopped repayment of all borrowings and begun discussions with lenders to restructure its bank facilities.
Low oil prices, weak charter rates and delays to projects have hit the performance of Nam Cheong and other Singapore-listed companies in the offshore and marine sector, with many of them struggling to repay their debts.
Nam Cheong has previously said it was reviewing its options to restructure its businesses, operations and balance sheet to ride out the challenging market environment.
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