Koon Holdings Seeks Court Protection Amid Debt Restructuring

Mainboard-listed Koon Holdings and its subsidiary Koon Construction & Transport (KCT) have applied for a 90-day debt moratorium as they intend to propose and implement a scheme of arrangement with their creditors, the Business Times reported. On Tuesday, the two companies filed the applications with the High Court of Singapore to obtain an order, among other things, that no legal action or proceedings against them be commenced or continued. The scheme is necessary to address the debt obligations owed by Koon Holdings and KCT to their creditors and is part of the group’s restructuring exercise to restore the two companies’ financial position, Koon Holdings said in a filing on Wednesday morning. Read more