Armada cuts payout offer ahead of creditor vote

By Marcus Hand in Hong Kong - Friday 8 May 2009

FINANCIALLY troubled Armada Singapore has cut its planned payout to creditors to 31.2% over five years in a revision of its scheme of arrangement to save it from bankruptcy.

Under Armada Singapore’s revised scheme of arrangement through the Singapore courts creditors are set to receive a 31.2% payout over five years totaling $228m, rather...

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