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Nam Cheong
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ysh2006
Supreme |
16-Jul-2017 07:20
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Namber Cheong boss no money to pay bond holders who can take their boats/ships to sell ?
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kerier
Veteran |
15-Jul-2017 23:41
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The best the banks can do is to restructure the debt for Nam Cheong, I' m pretty sure they would not extend a cent more and take collateral on the vessels. | ||||
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namcheongbond
Member |
15-Jul-2017 23:05
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Open Letter to Nam Cheong Bondholder Holding $90 million 5% Note Due Next Month In view of the Nam Cheong informal bondholder meeting next week, I like to add my view as a holder of the $90 million notes expiring next month. Needless to say, I am very disappointed that we were included in the restructuring process, which I assume will involve some form of extension at the very least. It is understandable that the controlling family would want to put off redemption to maximise financial flexibility during this industry downturn. However, in view of the numerous unencumbered vessels available on Nam Cheong balance sheet to secure additional borrowings from the banks, any extension would be extremely unfair to bondholders Based on the 2016 annual report and 1Q 2017 financial statements, there is about RM 288 million in unencumbered vessels in Property, Plant, and Equipment and an estimated RM 1,962 million in unencumbered vessels in Inventories. This means about RM 2,250 million worth of vessels in total can be used to secure additional bank loans. Even assuming a conservative 25% LTV and using only half of these vessels as collateral, an additional RM 281 million can be borrowed from the banks. This amount is just nice to fully redeem the bonds due next month. Unlike most of the other offshore marine players that ran into financial difficulties, Nam Cheong actually has plenty of debt headroom and can choose to borrow more from the banks. Instead, it strategically chose to negotiate with bondholders in a gamble that it can successfully convince bondholders to extend their bonds. Any benefits from a successful extension will only go to the controlling family and shareholders, leaving us bondholders with nothing but even greater uncertainty down the road on when and how much we can get paid back. I urge all holders of the Nam Cheong bonds due next month to firmly stand our ground and insist on full redemption. Nam Cheong has the ABILITY to redeem the bonds, but is simply NOT WILLING to redeem them. We cannot let the controlling family win this gamesmanship. At the end of the day, it has a lot more to lose than us. The controlling family stands to lose their livelihood, an entire lifetime of work, and most of its wealth. But bondholders individually stand to lose only a small part of our wealth. There is no doubt in my mind that the controlling family will blink first and bondholders will eventually prevail. We must not waiver and demand nothing short of full redemption on 28 August 2017. |
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sheerluck
Supreme |
12-Jul-2017 23:31
Yells: "Work for your money first then let your money work for you" |
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Calling NC noteholders. Finally have to meet. Calling all NC shareholder. Finally have to face the music. Oil price dropped again even with inventory dropping a lot as US production keeps going up. |
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Tommy12356
Master |
09-Jul-2017 21:05
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It break 0.2
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Johnlee215
Senior |
09-Jul-2017 20:47
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Nam cheong's gonna be in the show this month...
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ysh2006
Supreme |
09-Jul-2017 05:36
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Quiet before the stom blow in...NC was again in the news report recently.
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ysh2006
Supreme |
04-Jul-2017 22:47
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How come NC no announcement/ clarify whether settled
already or not..suddenly throw a bomb halt the shares later suspend it than you know..
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Alvin2042
Master |
04-Jul-2017 20:14
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No business, how to make $
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ysh2006
Supreme |
04-Jul-2017 20:08
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Ocbc chasing them for pay!!
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Johnlee215
Senior |
04-Jul-2017 09:45
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So quiet again..q2 result will be coming out soon.. Wonders whats the results be like.. | ||||
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Johnlee215
Senior |
30-Jun-2017 09:53
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Seems like having some action
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Johnlee215
Senior |
28-Jun-2017 08:50
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$80SGD or ringgit?
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Adtower
Veteran |
27-Jun-2017 23:47
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Unless 80 over
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Johnlee215
Senior |
27-Jun-2017 23:41
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Its getting back to lvl at may, recovering back liao
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Adtower
Veteran |
27-Jun-2017 23:36
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Since when oil price cheong??🤣 🤣 🤣
All while hovering between 40xx 50xx
If over 80xx then say chewing la 🤣 🤣 🤣 🤣
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Johnlee215
Senior |
27-Jun-2017 23:03
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Abt time to chiong, oil price is chionging up too | ||||
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ysh2006
Supreme |
27-Jun-2017 09:37
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No crash leh
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ysh2006
Supreme |
26-Jun-2017 10:06
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The main banker OCBC letter of demand they not yet settled how many more coming don' t know....
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ysh2006
Supreme |
26-Jun-2017 10:01
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No lah Swiber and Ezra case many investors at first also don' t believe it I last year also don' t believe Link Energy can fold too! keep on holding thinking the big B Genting not sell yet.....Erata voted by SIAS was a good company too! give good dividend also can fold what else can' t leh.
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