Chaswood Resources unit's restructuring scheme meeting due Nov 9

CHASWOOD Resources Holdings announced Thursday evening that its Malaysian unit Chaswood Resources Sdn Bhd, in relation to its proposed restructuring, had that day dispatched a confidential explanatory statement, proxy form and notice of a court-convened meeting to its creditors.

The meeting is to be held in Kuala Lumpur at 10.30am on Nov 9, 2018, "for the purpose of considering and, if thought fit, approving (with or without modification) the scheme and any other incidental matters", said Chaswood.

The scheme documents contain detailed information on the proposed disposal of the Malaysian subsidiary and the proposed scheme of arrangement, including: the proposed settlement to the creditors via upliftment of fixed deposits, sale of residential properties, sale of TGI Friday's and Teh Tarik Place businesses, issuance of new shares and waiver of debt, rationales of the scheme, approvals required and estimated time frame for the completion of the scheme.

The scheme is binding on the creditors if approved by a majority of at least 75 per cent of the total value of the creditors present and voting, - in person or by proxy - at the meeting or the adjourned meeting, and has been approved by order of the court.