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Frankie Ho
11 February 2015
SINGAPORE (Feb 11): Civil engineering firm Swee Hong has filed an application to the High Court to put in a place a debt restructuring plan.
"The number of demands made on the company has been increasing, and as such, the filing of the application is a timely one," Swee Hong managing director Ong Hock Leong said in a regulatory filing today.
Its main problem, Ong said, has to do with cash flow, which has not been forthcoming due to late collections from completed projects and a delay in obtaining the temporary occupation permit for a dormitory project.
"The company believes that notwithstanding certain cash flow difficulties at this time, there remains a reasonable prospect of rehabilitating the company and obtaining greater value from its business and assets if it is allowed to carry on its business in the ordinary course of nature, without the threat and distraction of proceedings and other action which may be taken by its creditors."
The debt restructuring plan will allow creditors to convert their debt into equity and enable it to pay United Overseas Bank, the Building and Construction Authority of Singapore and ACL Construction (S) using proceeds from the sale of its foreign workers' dormitory at Admiralty Road West, according to the filing.
The plan will also comprise a series of “reverse dutch auctions”, which give creditors the option to accept a haircut on their loans.
As at Sept 30 last year, Swee Hong had debts of about $24 million, $420,000 in cash and $14.5 million in equity.
It incurred a net loss of $2.1 million in the September quarter.
Swee Hong's independent auditors, Nexia TS Public Accounting Corp, said last October the company might not be able to continue as a going concern as, among other things, its current liabilities for the 12 months to June 30 last year had exceeded current assets by $15.4 million.