Vallianz says creditors converted some $7.6 mil trade payables into new shares

SINGAPORE (Feb 22): Vallianz Holdings, the provider of offshore support vessels, announced that the group has entered into letters of agreement with certain trade creditors to settle $7.6 million of trade payables via the issue of new shares in Vallianz.

(See also: Vallianz receives Swiber-related letters of request for payments amounting to US$63.5 mil)

In an SGX filing, Vallianz says certain subsidiaries of the group have entered into letter of agreements on Tuesday with a total of 13 trade creditors. Under the agreements, the trade creditors will subscribe for 380.6 million new shares in Vallianz at 2 cents per share. The aggregate amount of proceeds from the issue of these settlement shares will be set-off against trade payables of $7.6 million owing to the trade creditors.

---

Related Stories

• Vallianz says vessel collision has no material impact on group
• Vallianz reports 26% rise in 3Q earnings to US$5.9 mil on new charter contracts
• Vallianz posts 12.5% rise in 1Q earnings to US$4.3 mil

---