Nam Cheong, which went into a debt standstill last month, said it would not make the principal or coupon payment due on 28 August for SGD90m 5.0% notes due in 2017. It would also fail to make the coupon payment due on 26 August on its SGD200m 5.05% notes due in 2019.
“The company is working with its advisers and will provide an update with respect to the company’s restructuring of its indebtedness in due course,” Singapore-listed Nam Cheong said.
Nam Cheong has already been hit with claims for $16.4m and $10m from AmBank and OCBC respectively.
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