Were there O&G unit trusts issued during the good times?
Dateline 2016-10-04, FMT:
As the drop in oil prices leaves more companies in the industry starving for cash, bondholders and lenders are beginning to feel the pain.
And bondholders are seeking action to ensure they do not lose out.
According to a Bloomberg report, a group of bondholders last week issued a notice of acceleration on SD125 million of bonds sold by Malaysian oil services company Perisai Petroleum Teknologi Bhd.
Also last week, dozens of bondholders gathered outside a trustee’s office in Singapore to deliver a demand for immediate payment on S$100 million of notes issued by shipping trust Rickmers Maritime.
Bloomberg said Perisai didn’t reply to two e-mails seeking comment on its plan to defer its bond repayment by four months, which was rejected by bondholders on Monday.
Perisai’s 6.875 per cent notes were at 55 cents.
“Yes, it’s our responsibility that we bought the bonds but the company can’t just brush us aside,” bondholder Cheng Fong Kiew was quoted as saying after rejecting the plan.