Printing firm Xpress Holdings has settled the second of three lawsuits it has been contesting over $2.4 million in alleged unpaid debt.
Its chairman Fong Kah Kuen said on Tuesday it has settled a suit brought by ASEAN Finance Corp over a $734,287 claim. ASEAN Finance has agreed to discontinue its claim.
Last week, the firm reached a settlement with HSBC Institutional Trust Services (HSBCITS) to discontinue a winding-up application it filed last month against Xpress over $397,851 in alleged unpaid rental arrears.
Xpress told the Singapore Exchange last month that HSBCITS has "no standing to bring such an application", and has withdrawn injunction proceedings it had brought to fend off the winding-up application.
That leaves Xpress with one case to resolve, that with United Overseas Bank.
It said it is in "active negotiations" with UOB to settle the bank's claims against the company's subsidiary, Xpress Print, for $1.22 million in unpaid loans.
Mr Fong earlier said this followed the adjournment of the winding-up application by UOB, heard on Aug 1, for two months. Xpress said it was in discussions with the bank to restructure repayment terms.
"Going forward, the group will focus on providing a wider range of services for its clients and pursuing plans for business growth in Singapore and the region," Xpress said.
It has appointed Stone Forest Corporate Advisory as financial consultant to help broker a settlement with the creditors.
Shares of Xpress ended at 1.3 cents, down 7.1 per cent, or 0.1 cent yesterday, with 3.3 million shares changing hands.
This article was first published on Aug 20, 2014.
Get a copy of The Straits Times or go to straitstimes.com for more stories.