Press Statement: Miclyn – Another O&M company to seek bondholders approval to restructure debt
Date: 14 November 2017

SIAS is pleased to announce that Miclyn Express Offshore Pte Ltd (“Miclyn”) and its advisor, nTan Corporate Advisory Pte Ltd, have sought SIAS’ assistance in reaching out to and coordinating with the bondholders of Miclyn, with the objective to agree on a comprehensive proposal to restructure Miclyn’s indebtedness to its bondholders consensually. SIAS welcomes this pro-active and value preservation approach.

The Offshore & Marine sector is experiencing a prolonged downturn. Miclyn, a reputed provider of support vessels and project transportation solutions to the offshore oil and gas industry since the 1970s, has also not been spared by the effects of such a downturn. It is encouraging that Miclyn’s directors and shareholders are proactively taking steps together with all its other stakeholders to deal with the downturn and restructure its debts consensually.

SIAS will be moderating and facilitating meetings between Miclyn and its bondholders to achieve the stated objectives. Bondholders looking to be part of the steering committee can register their interest with SIAS.

David Gerald
Founder, President & CEO
Securities Investors Association (Singapore)