Novena Global Healthcare co-founder Terence Loh declared bankrupt

Mr Terence Loh has total outstanding debts of about $70 million with five banks.
Mr Terence Loh has total outstanding debts of about $70 million with five banks.PHOTO: NOVENA GLOBAL LIFECARE

SINGAPORE - Novena Global Healthcare (NGH) co-founder Terence Loh was declared bankrupt on Thursday (July 8) after his "white knight" plan was abandoned.

Mr Loh, 43, who has total outstanding debts of about $70 million with five banks stemming from personal guarantees for the loans held by NGH, had tried to enter into a voluntary arrangement with his creditors to repay them.

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