Amadeusz Juskowiak

Creditors allow teck hock to fulfil contracts

The nine creditor banks of international coffee trader Teck Hock and Co Pte Ltd met today to discuss ways of letting it fulfil profitable contracts which would help it balance earlier losses a creditor bank official said

No statement was made after the meeting and officials declined to comment on any decisions made

An unidentified foreign commodities company is pursuing its offer to buy the company and a subsidiary Coffee Industries Singapore banking sources said

The nine creditor banks have the buyers detailed proposals covering the injection of new capital and payment of some outstanding debt to the creditor banks and are now discussing individual bank counterproposals to increase debt repayments

Teck Hock owes over 100 mln Singapore dlrs and the nine banks have been extending debt repayments since December 23

They are OverseaChinese Banking Corp Ltd OCBMS United Overseas Bank Ltd UOBMS Banque Paribas Bangkok Bank Ltd Citibank NA Standard Chartered Bank Ltd Algemene Bank Nederland NV ABNNA Banque Nationale De Paris BNPPP and Chase Manhattan Bank NA