Remisier kings
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Lee Meixian
27 February 2015
Listed contractor Swee Hong on Thursday said it had on Feb 25 obtained an order from the High Court which restrains further proceedings in any action against the company for six months.
This follows its announcement two weeks ago that it had filed an application in the High Court to propose a debt restructuring plan with three of its creditors - United Overseas Bank, the Building and Construction Authority of Singapore and ACL Construction.
“The order is intended to bring stability to the company’s operations, and allow the company time to finalise the scheme of arrangement in consultation with its key creditors, for the benefit of all the company’s creditors,” it said. “The order also strengthens and reinforces the company’s ability to perform its obligations under its ongoing public sector construction contracts.”
Swee Hong is working on some Land Transport Authority road and sewer-diversion projects. It added that it will continue to operate as usual in providing customer services while it puts in place a scheme of arrangement. It had also said in its recent announcement that despite some cash flow difficulties, there was a reasonable prospect or rehabilitating the company if it was allowed to carry on its business “without the threat and distraction of proceedings and other action which may be taken by its creditors”. It also reassured stakeholders that the filing of the application would not adversely affect its commitment and ability to deliver its current construction projects.
Swee Hong turned its share trading halt to a suspension on Feb 11. The stock last closed at S$0.126 on Feb 5.