Midas likely to go bust if creditors push for liquidation; board aims to salvage parent company

SINGAPORE (May 2): Midas Holdings will likely be insolvent within the next month if creditors push it towards liquidation, according to executive director Tong Din Eu.

The current board hopes to salvage the holding company by asking creditors not to proceed with actions to wind up the embattled rail parts maker, Tong says.

Speaking to some 80 minority shareholders at a dialogue today in Kebun Baru Community Club, Tong acknowledges that attracting a “white knight” will be difficult.

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