Crystal Jade holding companies in S’pore, Hong Kong placed under receivership
Advisory firm Kroll is reviewing the group’s financial and operational affairs
The restaurant group Crystal Jade has had its holdings in Singapore and Hong Kong placed under receivership, with advisory firm Kroll reviewing the financial and operational affairs of the group. Receivership typically involves an independent party taking control of a company's assets when it is unable to meet its financial obligations.
Kroll's representatives have been appointed as receivers over Crystal Jade Culinary Concepts Holding in Singapore and Hong Kong. The firm stated that its representatives are reviewing the group's financial and operational affairs and assessing strategic options to stabilize the business and preserve value. Key management members of Crystal Jade will continue to oversee restaurant operations, and the group remains committed to providing a smooth continuation of service to customers.
The receivership is reportedly part of a process to facilitate L Capital Asia's eventual exit from Crystal Jade, though the specific reasons for choosing receivership are unclear. Crystal Jade has recently closed five outlets in Singapore and has 13 outlets in operation, with a spokesperson reassuring customers that the dining experience will remain consistent.
Written by urgent.news from The Business Times - Companies & Markets's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 1 other outlet
- Crystal Jade holding companies in S’pore, Hong Kong placed under receivership businesstimes.com.sg
