Nam Cheong Ltd says the High Court of Malaya has granted its application to restructure the debts of two subsidiaries under a scheme of arrangement.
It must now convene a creditors meeting to consider and approve, with or without modification, the compromise proposed between the two units and their respective creditors.
The subsidiaries affected by the ruling are Nam Cheong Dockyard and Nam Cheong International, NCL said in a regulatory filing.
