Nam Cheong launches rights issue to raise up to S$29m to fund cash-out option for creditors

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SINGAPORE (Sept 3): Nam Cheong, the Malaysia-based builder of OSVs (offshore support vessel), is launching a rights issue to fund a cash-out option.

The rights issue is part of a scheme of arrangement between the company and its creditors, and the cash-out option will enable the company's creditors to convert their debt into cash though a haircut will be applied.

Any net proceeds left will go towards... (Click here to read the full story)