Hoe Leong unveils debt restructuring plan

Singapore

HEAVY equipment maker Hoe Leong Corporation has unveiled more details on its plans to restructure some S$77 million in debts owed to creditors.

The mainboard-listed group said in a bourse filing on Thursday it has proposed a scheme of arrangement to certain bank creditors and its controlling shareholder, Hoe Leong Co. Hoe Leong owes about S$63 million to the banks, which were not named, and S$14 million to Hoe Leong Co.

Under the scheme, debts amounting to S$20.7 million will be restruc…