honestbee loses court protection from creditors

Singapore

THE Singapore High Court has dismissed honestbee's application to convene a scheme meeting to restructure some US$230 million worth of debt, The Business Times has learned. This effectively opens the door to creditors to apply for a winding up order on the company.

In a closed-door hearing on Thursday, honestbee's request for a two-week adjournment was turned down by the court. The company made the application after learning that potential white knight Brian Koo may withdraw his support for the restructuring.