Sindh High Court restrains coercive action against security leasing corporation
SLCL tells PSX it has reached settlements with some creditors and is nearing agreements with others as restructuring efforts continue.
Security Leasing Corporation Limited (SLCL) on Friday informed the Pakistan Stock Exchange (PSX) that the Sindh High Court (SHC) had restrained all respondents from taking any adverse or coercive action against the company.
In a notice submitted to the exchange, the company said it was in the final stages of negotiations with a number of creditors as part of ongoing settlement efforts.
“We are currently in the final phase of concluding additional settlements,” SLCL stated, adding that agreements had already been reached with certain creditors while talks with several others were close to completion.
The company said it remained confident of securing further settlement agreements in the near term, though it did not disclose details regarding the proceedings or the creditors involved.
SLCL, incorporated in 1995, was established with the assistance of Merrill Lynch Pierce Fenner & Smith Inc., one of the largest US-based equity and brokerage houses.
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