This is a discussion on Debt restructuring plan approved within the Local & Foreign Issues forum, part of the Community Lounge category; A DEBT restructuring plan devised to help debt-riddled that International (TTI) get back on its feet was approved by the ...
A DEBT restructuring plan devised to help debt-riddled that International (TTI) get back on its feet was approved by the Court of Appeal on Wednesday.
The court did impose certain 'alterations' on the scheme, but these are not expected to derail the embattled firm's efforts to stay afloat.
Among the conditions are sweeping changes to the composition and powers of the scheme's monitoring committee - a body made up of five creditors tasked to ensure the debt restructuring is carried out by the book.
The court said the committee should include two existing members - DZ Bank and Habib Bank - and three new ones: Ho Lee Construction, OCBC Bank and DBS Bank. All five are creditors of TTI.
The new members will replace KBC Bank, the Singapore Safety Driving Centre and TTI wholly-owned subsidiary Akira Corporation.
The court also ruled that committee decisions will be based on a simple majority vote. Ho Lee director Ben Tan said he was pleased with the decision by the court, which he said had addressed his firm's early concerns about the scheme.
Debt restructuring plan approved