Singapore Oil Borrowers Seek More Slack to Avoid Bond Defaults
- Three oil services firms are seeking to alter debt covenants
- Island's industry has S$1.8 billion of notes due in 2016
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Borrowers in Singapore, so far spared from a wave of defaults in the oil services industry, are starting to ask creditors to cut them some slack.
Three companies including Dyna-Mac Holdings Ltd., part-owned by Keppel Corp., this month are asking bond holders to alter certain debt limits or profit targets as contract delays wreck firms’ earnings. The issuers are among 28 oil services firms listed in Singapore with more than S$1.8 billion ($1.3 billion) of notes maturing next year.