Embattled Malaysian contractor TH Heavy Engineering has applied successfully for court protection while it works with its creditors on solutions to its financial troubles.
The company and its subsidiaries are currently defending themselves against about 17 separate legal actions brought by various suppliers and contractors for the non-payment of invoices.
TH Heavy said in its latest Stock Exchange disclosure that it and three subsidiaries have been granted an order by the High Court in Kuala Lumpur enabling them "to formulate and finalise a proposed scheme of arrangement between each applicant (subsidiary) and its scheme creditors...to
