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Nam Cheong Ltd (NMCG.SI)

NMCG.SI on Stock Exchange of Singapore

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20 Jul 2017
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Latest Key Developments (Source: Significant Developments)

Nam Cheong decides to temporarily cease repayment on all of company's borrowings
Wednesday, 19 Jul 2017 07:21pm EDT 

July 20 (Reuters) - Nam Cheong Ltd ::Restructuring is ongoing, company has decided to temporarily cease repayment on all of company's borrowings.Will not be making payment of next coupon payment due on 23 July 2017 with respect to series 004 notes.No definitive agreements in relation to restructuring have been entered into by group.In event restructuring is not favourably completed in a timely manner, company and group will be faced with a going concern issue.  Full Article

Nam Cheong receives writ of summons and statement of claim from OCBC
Tuesday, 20 Jun 2017 08:30am EDT 

June 20 (Reuters) - Nam Cheong Ltd :co and unit received writ of summons dated 2 june 2017 and statement of claim dated 26 may 2017 by ocbc in high court of labuan, malaysia.ocbc is claiming against ncil as borrower under a credit facility granted by ocbc for sum of usd10 million as at 30 april 2017.refers to announcement that group and its advisers held discussions with principal lenders to address significant debt maturities.as result of initiatives,on-going discussions for restructuring, board is of view that group is able to operate as going concern as at june 20.  Full Article

Nam Cheong updates on group restructuring
Sunday, 23 Apr 2017 11:34am EDT 

April 23 (Reuters) - Nam Cheong Ltd ::Is holding talks with lenders to address significant debt maturities, which may include refinancing or restructuring of existing loans.Group, together with its advisers, are in midst of carrying out a review of cash flow projections, costs cutting measures.Also in discussions with various parties regarding possible transactions to contain operating costs.No definitive agreements in relation to restructuring have been entered into by group as at date of this announcement.In event restructuring is not favourably completed in a timely manner, co and group will be faced with a going concern issue.  Full Article

Nam Cheong Group responds to queries raised by SGX-ST
Friday, 24 Mar 2017 05:22am EDT 

Nam Cheong Ltd : Responds that group is confident that it can restructure its existing commitments and continue as a going concern . Responds that ongoing discussions with major lenders and other stakeholders are of a sensitive nature and on-going .Response to queries raised by SGX-ST on 21 March 2017.  Full Article

Nam Cheong Limited says David Ting Kah Soon resigns as CFO
Friday, 13 Jan 2017 08:01am EST 

Nam Cheong Limited - : Resignation Of Chief Financial Officer .Resignation of chief financial officer David Ting Kah Soon.  Full Article

Shipbuilder Nam Cheong says it is halting debt repayments

SINGAPORE, July 20 Nam Cheong Ltd, which makes offshore support vessels, said it has temporarily stopped repayment of all borrowings and begun discussions with lenders to restructure its bank facilities.