Two Nam Cheong units granted application for scheme of arrangement

MALAYSIAN shipbuilder Nam Cheong said in a filing to the Singapore Exchange on Thursday that the application by its key subsidiaries to restructure their debts under a scheme of arrangement has been granted by the High Court of Malaya.

The group has been ordered to convene a creditors' meeting of the subsidiaries - Nam Cheong Dockyard and Nam Cheong International - to consider and approve, with or without modification, the scheme of arrangement and compromise proposed between the two units and their respective creditors.

The date and venue of the court convened meeting will take place within 90 days of Nov 15.