Pacific Andes Resources Development
Golden Target Pacific, an indirect subsidiary of Pacific Andes Resources Development (Pard), has filed for Chapter 11 bankruptcy in the United States. Pard, which defaulted on a $200 million note in January last year, filed last September in the US for protection.
One of the primary reasons the company and other affiliated entities filed for relief under Chapter 11 "was to bring the Pacific Andes Group's many creditors into a single forum so that there could be an efficient, effective and transparent group-wide restructuring of the entire group's capital structure", the company said in an exchange filing yesterday.
Golden Target believes it is in the best interests of shareholders to do the same.
Pard also said it will "continue to engage and work closely with all creditors, including bond holders, to achieve the best possible consensual restructuring for all interested parties".
Mr Chan Eng Yew has resigned from his position as Ezra Holdings' interim chief financial officer with effect from yesterday.
Mr Chan, 44, was appointed to the role in January last year when Mr Eugene Cheng stepped down, citing "personal and family reasons".
Mr Chan is chief executive of Ezra's subsidiary Triyards Holdings and had been holding both posts concurrently.
Aviva is exploring a sale of its Friends Provident International unit, which offers life assurance and investment products, in a deal that could raise between US$500 million (S$697 million) and US$700 million, according to a Reuters report.
A source with direct knowledge of the matter said the British insurer has received preliminary interest from about half a dozen Chinese firms and European funds.
The news was earlier reported by the Wall Street Journal. Chinese conglomerates Fosun Group and HNA Group were among those evaluating the Aviva unit, according to the Wall Street Journal report.
Friends Provident provides life assurance and investment products to global expatriate and affluent domestic customers in Hong Kong, Singapore, the United Arab Emirates and other selected markets.