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Hatten Land unit gets three-month debt moratorium

A SUBSIDIARY of Hatten Land, MDSA Ventures, has obtained a three-month debt moratorium from the High Court of Malaya, the Catalist-listed company said in a bourse filing on Saturday.

Earlier in July, Hatten Land said MDSA Ventures and another subsidiary, MDSA Resources, had applied for a three-month restraining order to restrain any legal proceedings against them and/or their assets, including any winding up or arbitration proceedings.

They also applied for the court's leave to call for creditors' meetings to consider and approve a proposed scheme of arrangement and compromise between each developer and their respective unsecured creditors.

The subsidiaries are the developers for the group's integrated mixed-use projects Hatten City Phase 1 and 2 in Malacca.

Hatten Land said then that the subsidiaries were looking to undergo debt restructuring, on top of the group's other initiatives to make its property development business more resilient in light of ongoing pressures from the Covid-19 pandemic.

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Hatten Land on Saturday said the court had granted MDSA Ventures both the restraining order and leave to call for creditors' meetings. The restraining order commenced on July 10.

Hatten Land said MDSA Ventures will work with its legal counsel during the moratorium period to formulate the details of the proposed scheme of arrangement to be presented to the creditors for their consideration.

Shares of Hatten Land ended Thursday at 6.2 Singapore cents, down 0.6 cent or 8.8 per cent.

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