Yongnam Holdings Limited (SG:AXB) has released an update.
Yongnam Holdings Limited and its subsidiary are under judicial management, with ongoing negotiations to reduce bank debt through the execution of offers and realisation of security interests. The company is advancing discussions with stakeholders and authorities, and has recently facilitated novation agreements between its subsidiary, YNEC, and new sub-contractors for structural steel works, marking a significant development in its financial restructuring efforts.
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