CW Group explains delay in giving details on 69m-euro payment for German firm

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.

The group's largest lender, the Hong Kong branch of Bank of China (BOC), is also demanding repayment of about US$34.6 million.

The bank told a Hong Kong court last month that an independent investigation into the affairs of CW Advanced Technologies (CWAT) in Hong Kong was needed to preserve its assets and rec…