Another (Business) Malaysian oil and gas casualty

What turndown, isn’t this the new norm?

Dateline 2017-07-21, The Star:

Nam Cheong Group Bhd is the latest company that is unable to service its debts due to the prolonged downturn in the oil and gas (O&G) industry.

The company, which is based in Sarawak and listed in Singapore, had outstanding debts of some RM1.84bil as of its latest reported first quarter ended March 31.

It said in a filing with the Singapore Stock Exchange that it would temporarily cease repayments on all its borrowings, pending a restructuring of its debts.

Thus, Nam Cheong said it would not be making a payment of the next coupon for its bonds due on July 23, 2017 with respect to the Series 004 Notes.

“We will be in communication with the trustee of the notes on this issue,” Nam Cheong said.

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