Ryobi Kiso fails to get creditors' nod for proposed restructuring

GROUND engineering solutions firm Ryobi Kiso on Monday said that it failed to reach an agreement with creditors over the commercial terms of the proposed schemes of arrangement for the reorganisation of the group's liabilities and business.

This comes as two creditors had in July 2018 filed winding up petitions in the High Court against its unit Ryobi Kiso (S) Pte Ltd, over a sum of S$2.73 million. These winding-up petitions are now set to be heard on March 1, 2019.

Despite "extensive negotiations and discussions", the creditors with sufficient voting rights to block the approval of any proposed scheme of arrangement said that they did not support the company's scheme proposals.

Trading in the stock has been suspended.