Pacific Andes Resources Development (PARD), a Singapore-listed division of the beleaguered Ng-family controlled group, has filed for chapter 11 protection in the U.S., UnderCurrentNews.com reported on Friday. The filing comes after a creditor, Malayan Banking Berhard, known as Maybank, filed in the supreme court of Bermuda to wind up PARD, in addition to an application for the appointment of provisional liquidators over the company. These filings have the support of Rabobank, another lender to the group. Pacific Andes had previously applied for protection under the Singapore companies act while a restructuring process supervised by the Singapore court could proceed. On Sept. 26, the Singapore high court allowed the group’s application to extend the protection in order that the restructuring process could continue.
