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Chaswood Resources to hold scheme of arrangement vote by Apr 30
CATALIST-LISTED food and beverage operator Chaswood Resources Holdings has got permission from the High Court to call a creditors' vote on its scheme of arrangement, the company disclosed on Thursday.
Chaswood, which is going through restructuring, must hold the meeting in Singapore by Apr 30, with creditors to be notified at least four weeks in advance, according to the court's order.
No legal action or proceedings against the company can be taken until the scheme is approved by the court, while the costs of the creditors' meeting will be paid out of Chaswood's assets.
The court also required businessman Ng Teck Wah to stay out of Tremendous Asia Management Inc's (TAMI) decisions on the scheme, until he resigns from the TAMI board.
TAMI, where Mr Ng is sole director, had in March 2019 obtained a corporate guarantee from Chaswood over interest-free bridging loans to subsidiary Chaswood Resources Sdn Bhd where Mr Ng is also a director.