19 Mar '13, 5am

Contractor's woes may hit projects

http://www.straitstimes.com/archive/...jects-20130313 Contractor's woes may hit projects Poh Lian Construction buys more time to sort out its problems Published on Mar 13, 2013 By Rachel Scully SEVERAL hundred million dollars worth of projects could be delayed after soaring costs forced Poh Lian Construction to seek breathing space from creditors. The long-established player whose office is near Paya Lebar was granted an interim judicial management order last week. This is a temporary court-supervised rescue plan that will give the firm more time to sort out its affairs. Mr Tam Chee Chong and Mr Andrew Grimmett from accounting firm Deloitte & Touche have been appointed the interim judicial managers. Poh Lian, which is a unit of Singapore-listed United Fiber System (UFS), highlighted the headwinds it was facing when the parent released its financials for the year ended Dec ...

Full article: http://forums.condosingapore.com/showthread.php?p=380743#...

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