Hatten Land says units seeking debt restructuring owe RM605m

Fiona Lam

Published Fri, Jul 3, 2020 · 09:50 PM

Singapore

TWO Hatten Land subsidiaries owe a combined RM605 million (S$196.9 million) to scheme creditors, although the bulk of these debts will be erased as they are owed to group entities.

In a filing late Thursday night, the Catalist-listed property developer said total debt under MDSA Resources' proposed scheme of arrangement is about RM322 million. Some 79 per cent of this is owed to entities within the Hatten Land group, and will be eliminated at consolidation.

The balance debt of MDSA Resources thus amounts to RM68 million, which represents about 17 per cent of the group's total trade and other payables of RM403 million as at March 31, 2020, Hatten Land said in response to the Sing…