Malaysia’s Nam Cheong says Singapore court recognizes new scheme

By Marisa Wong

Los Angeles, March 4 – Nam Cheong Ltd. issued an update on Monday regarding its restructuring.

A hearing was held in the Singapore High Court on March 1 (9 p.m. ET on Feb. 29) in connection with the new scheme of arrangements proposed between the company and its creditors in Singapore.

The Singapore court has granted, among other things, the recognition of the Malaysian High Court proceedings in connection with the new scheme, the order of the Malaysian court sanctioning the new scheme and the new scheme.

Trading of the company’s securities on the Singapore Exchange has been suspended since April 28, 2020.

Nam Cheong is a Kuala Lumpur-based offshore marine group that specializes in building offshore support vessels.

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