Otto Marine is seeking approval from bondholders to approve the redemption of existing 7% notes of SGD70m ($52m).
The move to redeem the bonds is part of a proposal to take the company private by majority shareholder Yaw Cheek Siew.
The bonds are scheduled to mature on 1 August 2016, but Otto Marine is seeking to have it postponed by six months or until the date on which the de-listing of the company has been completed, whichever is earlier;
Investors will also be asked to waive non-compliance with financial covenants for six months to 30 June and a period from 1 July until the date on which all notes are redeemed.
Otto
