Sat, Jan 13, 2018 – 7:53 AM

FOOD Empire Holdings announced on Friday that its associated company Caffe Bene has filed for a court-led corporate rehabilitation process due to excesive debts assumed prior to the former’s investment in the company.

Food Empire has a 51 per cent stake in Caffe Bene, which is in the coffee house franchise business in Korea. Hallyu Ventures controls a 44.8 per cent stake in Caffe Bene.

Once approved by the court, the corporate rehabilitation process will provide relief from its creditors while giving Caffe Bene time to reorganise its business and return to profitability, Food Empire said in a statement.

Food Empire shares finished S$0.015 or 2.1 per cent down at S$0.69 on Friday.


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