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Ryobi Kiso's judicial managers get court approval to pay some creditors
BELEAGUERED ground engineering solutions firm Ryobi Kiso Holdings and its Ryobi Kiso (S) subsidiary have been allowed to make interim distributions to creditors, the judicial managers of the two companies disclosed in a bourse filing on Wednesday.
The judicial managers had applied in November 2019 to make interim distributions of up to S$7 million to Ryobi Kiso's creditors, and up to S$20 million to the creditors of Ryobi Kiso (S).
They received permission from the court to do so on Feb 5, subject to terms in the court orders that can be given to creditors upon request, according to the latest disclosure.
Judicial managers Goh Thien Phong and Chan Kheng Tek added that they will make more announcements in due course and will notify all creditors "regarding the filing of proofs of debt and related matters".