Viking Offshore and Marine (SGX: 557) “pre-pack” scheme of arrangement sanctioned by Court; DHC Capital advised on scheme and appointed as Scheme Manager
Viking Offshore and Marine Ltd (SGX: 557) (“VOM”) “pre-pack” scheme of arrangement was sanctioned by Court on 28 May 2021. The scheme was approved by the requisite majorities of creditors on 13 April 2021.
The “pre-pack” scheme of arrangement is part of a comprehensive S$38 million debt restructuring and recapitalisation plan involving a capital injection from a new equity investor.
This is the third successful application for a “pre-pack” scheme in Singapore under Section 71 of the Insolvency, Restructuring and Dissolution Act 2018 (click here for further information on our involvement in the first “pre-pack” scheme in Singapore).
DHC Capital acted as independent financial advisor to VOM and was appointed as scheme manager.
Read on for VOM’s announcements on the “pre-pack” scheme.
About Viking Offshore and Marine Ltd
VOM is an offshore and marine specialist that is listed on the Singapore Exchange. Its business includes system integration services and offshore and marine asset ownership and provision of chartering services.
VOM applied to the High Court of Singapore to commence a Court-supervised process to reorganise its liabilities and to seek a moratorium against enforcement actions and legal proceedings by creditors pursuant to section 64 of the Insolvency, Restructuring and Dissolution Act 2018.