Dasin Retail Trust (SGX:CEDU) filed an application under Singapore's Insolvency, Restructuring, and Dissolution Act to propose a scheme of arrangement for creditors and restructure its liabilities, according to a Friday filing on the Singapore Exchange.
The filing aims to prevent winding-up proceedings initiated by Zhang Zhencheng, a director and major unitholder.
The trustee-manager, Dasin Retail Trust Management, said the court-approved protection would provide time to finalize a debt restructuring plan and seek creditor approval.
Without the application, Dasin Retail Trust Management warned of potential disruptions to restructuring efforts and challenges to the trust's ability to operate as a going concern.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.