MAINBOARD-LISTED Koon Holdings and its subsidiary Koon Construction & Transport have applied for a 90-day debt moratorium as they intend to propose and implement a scheme of arrangement with their creditors.
On Tuesday, the two companies filed the applications with the High Court of Singapore to obtain an order, among other things, that no legal action or proceedings against them be commenced or continued. The scheme is necessary to address the debt obligations owed by Koon Holdings and KCT to their creditors and is part of the group’s restructuring exercise to restore the two companies’ financial position, Koon Holdings said in a filing on Wednesday morning.Market voices on:
Koon Holdings and KCT have appointed Tan Kok Quan Partnership as their legal adviser and RSM Corporate Advisory as their financial consultant to advise on strategies for restructuring the debts and liabilities so that the group may continue as a going concern.