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laksaman57 Supreme	21-Jul-2017 09:07        laksaman57 About Contact  Quote this Post!
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laksaman57 Supreme	21-Jul-2017 08:04        laksaman57 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Better well before can't sell ysh2006      ( Date: 21-Jul-2017 07:01) Posted: Will they like CNA ask for JM protection ? ysh2006      ( Date: 20-Jul-2017 20:14) Posted: Than they will quickly ask for JM to protect itself... than we cannot touch their ships..
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ysh2006 Supreme	21-Jul-2017 07:01        ysh2006 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Will they like CNA ask for JM protection ? ysh2006      ( Date: 20-Jul-2017 20:14) Posted: Than they will quickly ask for JM to protect itself... than we cannot touch their ships... HazardKoh      ( Date: 20-Jul-2017 19:31) Posted: Ya lo, i rather take their vessels now instead of giving them a few more years. Imagine, they will continue to burn cash, continue to withdraw salary etc... depreciation costs, maintenance costs  they sure inflate it one so that they can take more $$$ now, leaving much less $$$ for note holders a few years later. If i have a vessel and I know 3 years later i know also no hope one, i will send the vessel for " maintenance" as often as i can, then declare high repair costs and benefit my friend workshop. At the sametime i declare high salary for myself ... 3 years nothing nothing left for the notes holders. So if i am the note holders, I rather demand they sell the vessel now or worse, i take over the vessel better than giving them 3 more years to burn cash and incur maintenance costs etc..
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ysh2006 Supreme	21-Jul-2017 06:58        ysh2006 About Contact  Quote this Post!
x 0   x 0  Alert Admin	This news was out in the morning! Wind22i      ( Date: 20-Jul-2017 22:23) Posted: Gameover. SINGAPORE: Nam Cheong Ltd. has temporarily ceased all repayment of its borrowings as it steps up efforts to restructure, after a slump in oil prices weakened demand for offshore support services. The Kuala Lumpur-based maker of small ships that support offshore oil rigs won?t be making any interest payment on its S$75 million note due on July 23, it said in a statement to the Singapore stock exchange Thursday.  As of March 31, Nam Cheong?s outstanding bank borrowings and notes stood at about RM1.84 billion (us$428 million). The company?s struggles reflect widening cracks in the region?s offshore and marine services industry, triggered by a slump in oil prices and a cutback in spending on exploration.  Rickmers Maritime, a container-ship operator, in April decided to wind up the business, while oilfield services group Ezra Holdings Ltd. in March filed for bankruptcy protection in the U.S. Nam Cheong has started talks with shipyards to cancel or defer vessels under construction and is also looking to sell existing ships on its fleet.  PriceWaterhouseCoopers LLP has been appointed as the financial adviser. About 74 vessels it has ordered mainly from Chinese shipyards may not be fulfilled, Nam Cheong said.  The company may also lose deposits it made when these orders were placed and may have to pay some $770 million for the unpaid amount for these contracts. The company had cash and cash equivalent of 131.4 million ringgit at the end of March, while its total liabilities stood at 2.79 billion ringgit
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laksaman57 Supreme	21-Jul-2017 06:17        laksaman57 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Lesson learnt from O&G coy that sunk, how much are they worth to those who bought the shares, thinking it's low enough.
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Tommy12356 Master	20-Jul-2017 22:29        Tommy12356 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Tomorrow may go below 2 cents Wind22i      ( Date: 20-Jul-2017 22:23) Posted: Gameover. SINGAPORE: Nam Cheong Ltd. has temporarily ceased all repayment of its borrowings as it steps up efforts to restructure, after a slump in oil prices weakened demand for offshore support services. The Kuala Lumpur-based maker of small ships that support offshore oil rigs won?t be making any interest payment on its S$75 million note due on July 23, it said in a statement to the Singapore stock exchange Thursday.  As of March 31, Nam Cheong?s outstanding bank borrowings and notes stood at about RM1.84 billion (us$428 million). The company?s struggles reflect widening cracks in the region?s offshore and marine services industry, triggered by a slump in oil prices and a cutback in spending on exploration.  Rickmers Maritime, a container-ship operator, in April decided to wind up the business, while oilfield services group Ezra Holdings Ltd. in March filed for bankruptcy protection in the U.S. Nam Cheong has started talks with shipyards to cancel or defer vessels under construction and is also looking to sell existing ships on its fleet.  PriceWaterhouseCoopers LLP has been appointed as the financial adviser. About 74 vessels it has ordered mainly from Chinese shipyards may not be fulfilled, Nam Cheong said.  The company may also lose deposits it made when these orders were placed and may have to pay some $770 million for the unpaid amount for these contracts. The company had cash and cash equivalent of 131.4 million ringgit at the end of March, while its total liabilities stood at 2.79 billion ringgit
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Wind22i Supreme	20-Jul-2017 22:23        Wind22i About Contact  Quote this Post!
x 0   x 0  Alert Admin	Gameover. SINGAPORE: Nam Cheong Ltd. has temporarily ceased all repayment of its borrowings as it steps up efforts to restructure, after a slump in oil prices weakened demand for offshore support services. The Kuala Lumpur-based maker of small ships that support offshore oil rigs won?t be making any interest payment on its S$75 million note due on July 23, it said in a statement to the Singapore stock exchange Thursday.  As of March 31, Nam Cheong?s outstanding bank borrowings and notes stood at about RM1.84 billion (us$428 million). The company?s struggles reflect widening cracks in the region?s offshore and marine services industry, triggered by a slump in oil prices and a cutback in spending on exploration.  Rickmers Maritime, a container-ship operator, in April decided to wind up the business, while oilfield services group Ezra Holdings Ltd. in March filed for bankruptcy protection in the U.S. Nam Cheong has started talks with shipyards to cancel or defer vessels under construction and is also looking to sell existing ships on its fleet.  PriceWaterhouseCoopers LLP has been appointed as the financial adviser. About 74 vessels it has ordered mainly from Chinese shipyards may not be fulfilled, Nam Cheong said.  The company may also lose deposits it made when these orders were placed and may have to pay some $770 million for the unpaid amount for these contracts. The company had cash and cash equivalent of 131.4 million ringgit at the end of March, while its total liabilities stood at 2.79 billion ringgit
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ysh2006 Supreme	20-Jul-2017 20:14        ysh2006 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Than they will quickly ask for JM to protect itself... than we cannot touch their ships... HazardKoh      ( Date: 20-Jul-2017 19:31) Posted: Ya lo, i rather take their vessels now instead of giving them a few more years. Imagine, they will continue to burn cash, continue to withdraw salary etc... depreciation costs, maintenance costs  they sure inflate it one so that they can take more $$$ now, leaving much less $$$ for note holders a few years later. If i have a vessel and I know 3 years later i know also no hope one, i will send the vessel for " maintenance" as often as i can, then declare high repair costs and benefit my friend workshop. At the sametime i declare high salary for myself ... 3 years nothing nothing left for the notes holders. So if i am the note holders, I rather demand they sell the vessel now or worse, i take over the vessel better than giving them 3 more years to burn cash and incur maintenance costs etc..   sheerluck      ( Date: 20-Jul-2017 18:36) Posted: Nam Choeng claimed equity to RM1.3bil in their latest balance sheet.   They have RM2.4bil of inventory in their current asset.   These are BTS vessels withouht buyers.   If discounts by 50%, it pretty much wipe out the shareholder' s equity.   Problem is NC has not been able to sell any vessels for more than 2 years liao.   So how much cheaper does it need to go?   The current O& G market isn' t any better than the last two year so NC can restrucutre everything buy if they c annot sell any vesses, what is the use? Also the secured debt is about RM730mil and in NC balance sheet, it has RM480mil due from customers and RM260mil in cash giving a total liquid of RM 740mil.   If secure creditors want, they can easily get back all their money.   Maybe noteholders should take over NC unsold vessels as payment?
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HazardKoh Master	20-Jul-2017 19:31        HazardKoh About Contact  Quote this Post!
x 0   x 0  Alert Admin	Ya lo, i rather take their vessels now instead of giving them a few more years. Imagine, they will continue to burn cash, continue to withdraw salary etc... depreciation costs, maintenance costs  they sure inflate it one so that they can take more $$$ now, leaving much less $$$ for note holders a few years later. If i have a vessel and I know 3 years later i know also no hope one, i will send the vessel for " maintenance" as often as i can, then declare high repair costs and benefit my friend workshop. At the sametime i declare high salary for myself ... 3 years nothing nothing left for the notes holders. So if i am the note holders, I rather demand they sell the vessel now or worse, i take over the vessel better than giving them 3 more years to burn cash and incur maintenance costs etc..   sheerluck      ( Date: 20-Jul-2017 18:36) Posted: Nam Choeng claimed equity to RM1.3bil in their latest balance sheet.   They have RM2.4bil of inventory in their current asset.   These are BTS vessels withouht buyers.   If discounts by 50%, it pretty much wipe out the shareholder' s equity.   Problem is NC has not been able to sell any vessels for more than 2 years liao.   So how much cheaper does it need to go?   The current O& G market isn' t any better than the last two year so NC can restrucutre everything buy if they c annot sell any vesses, what is the use? Also the secured debt is about RM730mil and in NC balance sheet, it has RM480mil due from customers and RM260mil in cash giving a total liquid of RM 740mil.   If secure creditors want, they can easily get back all their money.   Maybe noteholders should take over NC unsold vessels as payment?   ysh2006      ( Date: 20-Jul-2017 18:13) Posted: They owe people money don't pay how about other owe them need to pay or not ?..
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sheerluck Supreme	20-Jul-2017 18:36        sheerluck About Contact  Quote this Post! Style: Flexible   Mood: Yells: "Work for your money first then let your money work for you"
x 0   x 0  Alert Admin	Nam Choeng claimed equity to RM1.3bil in their latest balance sheet.   They have RM2.4bil of inventory in their current asset.   These are BTS vessels withouht buyers.   If discounts by 50%, it pretty much wipe out the shareholder' s equity.   Problem is NC has not been able to sell any vessels for more than 2 years liao.   So how much cheaper does it need to go?   The current O& G market isn' t any better than the last two year so NC can restrucutre everything buy if they c annot sell any vesses, what is the use? Also the secured debt is about RM730mil and in NC balance sheet, it has RM480mil due from customers and RM260mil in cash giving a total liquid of RM 740mil.   If secure creditors want, they can easily get back all their money.   Maybe noteholders should take over NC unsold vessels as payment?   ysh2006      ( Date: 20-Jul-2017 18:13) Posted: They owe people money don't pay how about other owe them need to pay or not ?... sheerluck      ( Date: 20-Jul-2017 17:11) Posted: You mean did SIAS helped themselves to nice fee
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ysh2006 Supreme	20-Jul-2017 18:13        ysh2006 About Contact  Quote this Post!
x 0   x 0  Alert Admin	They owe people money don't pay how about other owe them need to pay or not ?... sheerluck      ( Date: 20-Jul-2017 17:11) Posted: You mean did SIAS helped themselves to nice fee? laksaman57      ( Date: 20-Jul-2017 09:34) Posted: SIAS helped ?
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sheerluck Supreme	20-Jul-2017 17:11        sheerluck About Contact  Quote this Post! Style: Flexible   Mood: Yells: "Work for your money first then let your money work for you"
x 0   x 0  Alert Admin	You mean did SIAS helped themselves to nice fee? laksaman57      ( Date: 20-Jul-2017 09:34) Posted: SIAS helped ?
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laksaman57 Supreme	20-Jul-2017 17:05        laksaman57 About Contact  Quote this Post!
x 0   x 0  Alert Admin	No one can help bond holders if bond holder don't come together to help themselves. Thanks to Sabana reit activists, those lousy properties didn't get sold to the reit investors.
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sheerluck Supreme	20-Jul-2017 16:46        sheerluck About Contact  Quote this Post! Style: Flexible   Mood: Yells: "Work for your money first then let your money work for you"
x 0   x 0  Alert Admin	Nam Cheong boldly claimed current asset of RM3.5bil with only current liabilities of only RM1.9bil in their Q1 report.   This gives it a net current asset of RM1.6bil.   Nam Cheong can easily settle their debt within a year.   So why take this step?   Did Nam Cheong bluffed the market with unrealistic balance sheet or it is trying to bluff their creditors? Is there really a way out for Nam Cheong?
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laksaman57 Supreme	20-Jul-2017 09:34        laksaman57 About Contact  Quote this Post!
x 0   x 0  Alert Admin	SIAS helped ?
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granto Master	20-Jul-2017 09:20        granto About Contact  Quote this Post!
x 0   x 0  Alert Admin	Nam Cheong halts debt repayments, appoints PwC as restructuring advisor http://splash247.com/nam-cheong-halts-debt-repayments-appoints-pwc-restructuring-advisor/
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laksaman57 Supreme	20-Jul-2017 09:20        laksaman57 About Contact  Quote this Post!
x 0   x 0  Alert Admin	See SGX website, Nam Cheong announcement. shadow      ( Date: 19-Jul-2017 23:34) Posted: Anyone has any update on the informal meeting held today? Good or bad ?
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ysh2006 Supreme	20-Jul-2017 09:19        ysh2006 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Today they announced stop paying all bond interest next maybe ask to go GI hair cut loh ... shadow      ( Date: 19-Jul-2017 23:34) Posted: Anyone has any update on the informal meeting held today? Good or bad ?
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shadow Veteran	19-Jul-2017 23:34        shadow About Contact  Quote this Post!
x 0   x 0  Alert Admin	Anyone has any update on the informal meeting held today? Good or bad ?
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laksaman57 Supreme	19-Jul-2017 10:28        laksaman57 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Fool me once, shame on you. Fool me twice, shame on me
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