Serrano Limited finds backer for its debt restructuring

Investor shall subscribe for $8m worth of ordinary shares.

Interior fit-out solutions provider Serrano Limited found a potential investor that will aid the company in its debt restructuring bid.

Serrano’s board of directors announced that the company has received confirmation of interest from an unnamed investor, which, upon the approval of the company’s major creditors, shall subscribe for new ordinary shares for an indicative amount of $8 million.

“The proceeds from such subscription shall be used for partial cash repayment to the unsecured creditors participating in the scheme on a pro-rata basis,” Serrano Limited said. 

The company also believes it is still able to continue business operation as the proposed investment would place it in a better positions for the scheme to be approved at the scheme creditors’ meeting. It also noted it has not received any objections from its major creditors to proceed with the scheme filing and that secured creditors and lenders have not taken any further action against the group in concerning its obligations to them.