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Singapore millionaire, 77, joins bondholders uniting in workouts

Bloomberg Published on Tue, Oct 04, 2016 / 7:55 AM GMT+8

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SINGAPORE (Oct 4): Jerry Tan, a 77-year-old retired Singaporean businessman, was among dozens of bondholders in the city who joined forces last week to submit their demands as more companies seek to restructure debt payments.

“The only way to put ourselves in a position of some strength is to come together as a group,” said Tan, who said he owns more than $8 million of notes. “The whole bond market is really bad and you can expect a lot more defaults. The authorities should step up to protect investors and Singapore’s reputation as a major financial centre.”