SINGAPORE - Malaysian offshore support vessel builder Nam Cheong on Monday said it needs to suspend the upcoming payment of its term loan's cash interest coming due on June 30.
Moreover, there were"uncontrollable external factors" which also had a severe adverse impact on the company, Nam Cheong noted. For instance, the OSV sector has taken a hit from the oil price volatility since January this year as well as from Malaysia's extended movement control order in response to the Covid-19 pandemic.
The company said it"very much regrets" the suspension of the cash interest payment,"but perhaps the term loan creditors might empathise with its position".
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