High Court grants six-month moratorium on legal proceedings against Nam Cheong

THE Singapore High Court has extended a six-month moratorium on certain legal proceedings against Nam Cheong after granting the listed holding company the green light to proceed with debt restructuring under a scheme of arrangement (SA).

Nam Cheong said after Monday's trading close that its SA was granted by the court on Oct 27.

The court also issued several orders pertaining to the six-month moratorium on legal proceedings against the company. These include court orders against the appointment of a receiver or manager over any property or undertaking of the company.

The moratorium does not preclude DBS Trustee from taking any steps to enforce its rights to seek the release of monies held in interest service reserve accounts for the purpose of repaying holders of two series of notes totalling S$275 million.

Nam Cheong has entered into voluntary trading suspension since July 21 on the Singapore Exchange.