Singapore's Mencast extends debt restructuring terms to March 2024

Chicago, Nov. 12 – Mencast Holdings Ltd. has amended the terms of its debt restructuring agreement primarily to extend it through March 31, 2024, according to an announcement.

Through that date, there will be no event of default or breach of existing facility agreements.

The group intends to deleverage its debt by at least S$55 million before the extended deadline through the divestment of certain agreed non-core assets and an identified non-core business unit of the group.

No dividends or any other forms of distributions will be paid to the shareholders for the duration of the agreement.

Mencast is a Singapore-based maintenance, repair and overhaul services provider for the offshore, marine and oil and gas sectors.

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