Singapore: Embattled dry bulk operator Armada (Singapore) Pte Ltd yesterday announced that a "Scheme of Arrangement" has been filed in the Singapore court to protect assets and maximize funds available to creditors.
The Scheme of Arrangement will in the near future be presented to all creditors, together with the Scheme papers, under the provisions of the Companies Act of the Republic of Singapore.
"We are very pleased that we have been able to comply with the initial time schedule laid out by the court," said Tommy Jensen Rathleff, Managing Director of Armada. "We have
worked tirelessly on the plan and we are confident that its provisions serve our creditors' best interests, particularly in view of the alternatives that serve no one's interest.
"Today, we are one step closer to our final goal, which is to ensure maximum pay-outs for ourcreditors and to fully restore financial health for the company in this unprecedented global economic crisis
The restructuring plan will be presented to creditors as soon as possible, likely end March. [04/03/09]
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