Oceanus completes debt restructuring, aims to be net cash positive by end of FY 2017

ABALONE company Oceanus Group said that it has completed its debt restructuring exercise, putting the group in a debt-free and “net cash positive” position by the end of its financial year (FY) 2017.

Its debt restructuring proposal had been announced earlier this month, and was approved by its shareholders last week. The group issued some 19.7 billion new shares this week, converting S$71.8 million, or 85 per cent of the group’s total outstanding debt, to equity.

Read more here: https://www.businesstimes.com.sg/companies-markets/oceanus-completes-debt-restructuring-aims-to-be-net-cash-positive-by-end-of-fy

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