Koon Holdings Creditors' Meeting Adjourned; Debt Restructuring Scheme Approved for Unit

Koon Holdings on Wednesday said that creditors have approved the scheme of arrangement for its subsidiary Koon Construction & Transport (KCT), as part of the group’s debt restructuring exercise, the Business Times reported. However, Koon Holdings has yet to put its own proposed scheme to a vote, as its creditors’ meeting on Tuesday was adjourned. Before the meeting began, a major creditor had requested the adjournment because it would like to receive more information before committing its vote, Koon Holdings said in a bourse filing. The company will convene the adjourned meeting at a later date to be determined, before its debt moratorium expires in April 2020. Koon Holdings said it will also “make arrangements” to address the creditors’ concerns and queries. Read more