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SINGAPORE (July 9): Advance SCT, the supplier of copper-based products, has entered into agreements with two major creditors to resolve its outstanding debt issues.
In an exchange filing on Sunday, the group said it was informed that Qingyuan Shengli Copper Materials (QSCM) had on July 7 entered into an agreement to assign the entire debt of 41.4 million yuan (S$8.40 million) owed by Advance SCT to a certain Zhang Baoan.
Zhang, a Chinese national with substantial assets in Singapore and an independent third party, has confirmed the agreement and separately pledged to support Advance SCT's proposed debt capitalisation exercise, said the firm.
The group has also signed an agreement with QSCM, Zhang and CNCM Capital, Advance SCT (Qingyuan) Co and Simon Eng to release all parties from any further claims against one another, other than the debt above. As a result, all lawsuits will be withdrawn.
Meanwhile, Advance SCT has entered into an agreement with another creditor, Saffron Elite, on a two-year moratorium in the repayment of a loan that has $1.24 million unpaid.
Trading of shares in Advance SCT are still suspended.