CW Group explains delay in giving details on 69m-euro payment for German firm
Machine tool supplier now seeking debt revamp after defaulting on S$55.25 million of Singdollar notes
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Singapore
MORE than eight months after CW Group paid a 69 million-euro (S$110 million) deposit for German machine manufacturer Zuse Hüller-Hille in December last year, the machine tool supplier has yet to provide shareholders and bond holders with key financial details of the deal.
CW Group, which is managed from Singapore with shares listed in Hong Kong, now wants to restructure its debt after slipping into insolvency in June when it defaulted on S$55.25 million of Singdollar notes after plans to refinancing the debt through the Singapore bond market fell through.
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