Brief: Shuang Yun Says On 30 June Samco Civil Engineering Received Demand Notice

Shuang Yun Holdings

19/07/2023 16:17

July 19 (Reuters) - Shuang Yun Holdings Ltd  1706.HK :
    * ON 30 JUNE 2023 SAMCO CIVIL ENGINEERING PTE LTD RECEIVED A
DEMAND NOTICE FROM A BANK IN SINGAPORE
    * NOTICE IN RELATION TO OUTSTANDING AMOUNTS UNDER A
RECEIVABLES
PURCHASE AGREEMENT BETWEEN SAMCO & A BANK IN SINGAPORE
    * IN PROCESS OF ENGAGING CREDITORS IN DISCUSSIONS TO SEEK
CONSENT
TO WITHHOLD ACTIONS AND GRANT GROUP EXTENSION
    * WORKING ON A DEBT RESTRUCTURING PLAN
    * NO COURT PROCEEDING HAS BEEN COMMENCED AGAINST COMPANY,
SAMCO OR
DOUBLE-TRANS AS AT JULY 19
    * WORKING CLOSELY WITH ADVISORS TO CONDUCT REVIEW OF
FINANCIAL
POSITIONS OF DOUBLE-TRANS AND SAMCO, FORMULATE RESTRUCTURING
PLAN
    * UNDER NOTICE, BANK DEMANDED PAYMENT OF AGGREGATE
OUTSTANDING
AMOUNT OF S$1.5 MILLION


Further company coverage:  1706.HK 

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