MEO prioritises creditor recovery in debt revamp
The financially troubled OSV player seeks backing from its creditors towards a proposal it claims will yield more favourable outcomes for stakeholders. The proposal calls for partial redemption of the outstanding debts with shares, while the remaining debt, including $217m from a bank loan, will be extended for several more years
MEO chooses not to accept proposals from potential investors, opting instead to table a debt to equity swap and terming out of restructured liabilities for its bank lender, DBS and its bondholders
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