Singapore's Pacific Andes Faces Court Hearing on Debt Extension Tomorrow, Criticism by Bond holders
SEAFOODNEWS.COM [The Straits Times] by Marissa Lee Sept. 13, 2016
Limited Investigations into firm's transactions had been going on since last year, but bondholders found out only last month
The liquidity crisis hitting Pacific Andes Resources Development (PARD) has ensnared shareholders and bondholders alike since the firm failed to honour coupon payments on $200 million worth of Singdollar bonds in January.
But investigations made by separate accounting firms on behalf of the fishing firm's bank lenders suggest that some of PARD's wounds may have been self-inflicted.
The investigations began after HSBC's risk team spotted certain "red flags" at parent company Pacific Andes International..
To Read Full Story Login Below.