Hoe Leong Corp
Heavy equipment supplier Hoe Leong Corp has unveiled more details about its plans to restructure nearly $80 million in debts owed to creditors. It has proposed a scheme of arrangement to certain banks and its controlling shareholder, Hoe Leong Co.
Hoe Leong Corp owes around $63 million to the bank creditors, and $14 million to Hoe Leong Co. Under the scheme, the listed company will restructure debts amounting to $20.7 million into vessel loans and spare-part loans to be repaid by the group, it said.
The remaining $56.3 million in debts will be "extinguished" through the allotment, issuance and distribution of new Hoe Leong Corp shares.
The outstanding loans from Hoe Leong Co will similarly be converted into new shares.
Keppel Land, the property arm of Keppel Corp, has entered into a joint venture with Thai property developer KPN Land Co to develop two premium condominium projects in Bangkok's central business district.
The joint venture will acquire two prime sites from KPN Land and other existing landowners for 2.2 billion baht (S$90.6 million).
Keppel Land's share of the total development cost for both projects is estimated to be 2.8 billion baht as it will hold a 49 per cent stake in the condominium projects, with KPN Land holding the remaining 51 per cent stake.
The partners will jointly manage the two developments.
Swiber Holdings shareholders have given the green light to the proposed rights-cum-warrants issue as set out in the company's set-off and settlement agreement with Vallianz Holdings.
The agreement - first entered into by both Swiber and Vallianz on May 24, and later amended on Nov 6 - is aimed at fully offsetting and settling the US$36.6 million (S$49.2 million) sum owed by Vallianz to Swiber as at Dec 31 last year.
Through the rights-cum-warrants issue, Vallianz's net owings to Swiber will be converted into shares in Vallianz's capital.
Any balance net payables to Swiber following the latter's subscription of any rights shares with warrants and any exercise of these warrants will be settled through new equity in the future.