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Ryobi Kiso judicial managers ask to push creditors' meeting deadline into 2020

THE judicial managers of ailing construction firm Ryobi Kiso Holdings, which was first placed under interim judicial management in March, are asking for more time to carry out their work.

Goh Thien Phong and Chan Kheng Tek, from PricewaterhouseCoopers Advisory Services, told the bourse on Friday that they have filed for an extension to the deadline for sending creditors a statement of proposals and summoning a creditors’ meeting, under their management of Ryobi Kiso Holdings and a subsidiary.

The judicial managers have asked for until May 13, 2020 to hold the meeting, and are also seeking an extension of the judicial management period, to June 13, 2020.

The Singapore High Court had earlier ordered in May 2019 that the judicial managers comply with their statutory obligations by Nov 13. Their latest request for extensions will be heard on Nov 15.

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The judicial managers added that, if they are given the extensions, they will also ask for permission to make interim distributions to unsecured Ryobi Kiso creditors on the court’s terms.