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Koon Holdings to hold creditors' scheme meetings on Feb 25
MAINBOARD-LISTED Koon Holdings and its subsidiary Koon Construction & Transport (KCT) will convene meetings next month for their schemes of arrangement as part of the group’s debt restructuring exercise.
Creditors will vote on the proposed schemes of Koon Holdings and KCT at 2pm and 4pm respectively on Feb 25, the group announced on Wednesday.
This comes after the Singapore High Court on Jan 3 approved the applications by both companies to convene the meetings.
Meanwhile, Koon Holdings and KCT will also get two more months of court protection. The High Court extended their debt moratoria till April 30, from the initial Feb 28 deadline.
In October, the duo applied for the moratoria as they intended to propose and implement schemes of arrangement.
Amid the debt restructuring, the group in December also ended a joint venture (JV) with Japanese firm Penta-Ocean Construction which was carrying out land preparation works for Changi Airport’s expansion.
Koon Holdings appointed a new chief operating officer on Oct 31 to oversee both the construction and precast operations.
Koon Holdings is an infrastructure and civil engineering service provider specialising in reclamation and shore protection works. KCT is the group's main operating company.
Shares of Koon Holdings have been suspended since Aug 30. It requested the voluntary suspension as it was assessing the ability of KCT to continue on a going concern basis.