Yongnam Holdings Limited (SG:AXB) has released an update.
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Yongnam Holdings Limited, under judicial management since August 2023, has recently made progress in its financial restructuring by settling with principal bankers and paying a portion of the secured proceeds. The company is actively working to reduce bank debt by realizing security interests and is in discussions with stakeholders and authorities to advance remaining projects. Furthermore, a significant development includes a novation agreement between its subsidiary YNEC, Aztec Steel, and Sinohydro Corporation for a sub-contract related to Contract T217.
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