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13-01-2015, 10:42 AM
We should never assume Chapter 11, wouldn't happen in SGX...
HSBC takes legal action to wind up Xpress Holdings
SINGAPORE (Jan 13): HSBC Institutional Trust Services (HSBCITS) has filed an application to wind up Xpress Holdings ( Financial Dashboard), saying the printing firm had failed to pay more than $900,000 in rental arrears.
The amount of $913,863.57 is related to a lease agreement between the company and HSBCITS for the period from Jan 30, 2008 to Jan 29, 2015.
The action by HSBCITS, which also wants to appoint a liquidator for the company, was taken despite Xpress having paid a security deposit of $981,878, the Mainboard-listed firm said in a regulatory filing, adding that it has been in talks to repay the arrears since July last year.
The winding-up application is scheduled to be heard before the Supreme Court on Jan 30.
Xpress shares rose 12.5% to 0.9 cent yesterday.
http://www.theedgemarkets.com/sg/article...s-holdings
HSBC takes legal action to wind up Xpress Holdings
SINGAPORE (Jan 13): HSBC Institutional Trust Services (HSBCITS) has filed an application to wind up Xpress Holdings ( Financial Dashboard), saying the printing firm had failed to pay more than $900,000 in rental arrears.
The amount of $913,863.57 is related to a lease agreement between the company and HSBCITS for the period from Jan 30, 2008 to Jan 29, 2015.
The action by HSBCITS, which also wants to appoint a liquidator for the company, was taken despite Xpress having paid a security deposit of $981,878, the Mainboard-listed firm said in a regulatory filing, adding that it has been in talks to repay the arrears since July last year.
The winding-up application is scheduled to be heard before the Supreme Court on Jan 30.
Xpress shares rose 12.5% to 0.9 cent yesterday.
http://www.theedgemarkets.com/sg/article...s-holdings
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