Serrano creditors approve schemes to collect more than S$32m in debt

INTERIOR-DESIGN contractor Serrano Ltd on Wednesday said creditors pursing more than S$32 million in secured claims have agreed to terms under schemes of arrangement. These claims come on top of some S$68.6 million in unsecured loans.

The two creditors identified are Maybank - which had sought more than S$30 million in late September from Serrano - and UOB.

Serrano Holdings will try to sell two properties - one at 16 Sungei Kadut Way and another at 49 Sungei Kadut Loop - within three months from the time the agreement takes effect.

If Serrano is unable to show evidence of a sale within two months from the commencement date, the company must seek either an extension in deadline, or hand over ownership to the banks. Maybank has claim over the property at 16 Sungei Kadut Way, while UOB has claim over the property at 49 Sungei Kadut Loop.

The arrangement needs to be approved by Serrano Ltd shareholders.