Brief: Hiap Seng Engineering Seeks Creditors’ Approval To Restructure Debt

Hiap Seng Industries

09/12/2021 11:41

Dec 9 (Reuters) - Hiap Seng Engineering Ltd  HSEN.SI :
    * ITS JUDICIAL MANAGERS SIGNED A NON-BINDING TERM SHEET WITH
INVESTORS
    * DEAL FOR CASH INJECTION OF S$16 MILLION OVER TWO TRANCHES
    * WILL UNDERTAKE A RIGHTS ISSUE EXERCISE TO RAISE UP TO S$3
MILLION
    * CURRENT KEY MANAGEMENT TO UNDERTAKE TO SUBSCRIBE AT LEAST
S$1
MILLION
    * SEEKING CONSENT OF CO'S UNSECURED CREDITORS TO SWAP A
PORTION OF
AMOUNT OWED TO THEM FOR STAKE IN CO

Source text for Eikon:  ID:nSNbxtlFm 
Further company coverage:  HSEN.SI 

 ((Reuters.Briefs@thomsonreuters.com;))