SINGAPORE - A group of 18 related companies, including Autobahn Rent A Car and car-sharing service Shariot, has applied to the High Court for a six-month moratorium to halt creditor actions, including the repossession of assets, while they work out a proposed scheme of arrangement.

According to documents filed on Nov 28, the companies collectively owe $305.9 million to various financial institutions, businesses and government agencies. Among the list of creditors are major banks: DBS is owed $94.8 million, UOB $13.4 million, and OCBC $8.6 million.

A scheme of arrangement is a court-supervised process that enables financially distressed companies to negotiate with creditors to restructure their debts and continue operating.

This comes after

nine of the 18 related companies

requested on Nov 25 that creditors temporarily refrain from initiating recovery action for debt amounting to $180 million. This was to allow time for the companies to look for restructuring options. The bulk of the debts were incurred by car leasing firm Autobahn Rent A Car.

The court application said that creditors have intensified their pressure to recover debts since the Nov 25 letter.

The application also mentioned that the group of companies were interconnected functionally and financially, adding that the various companies were formed or acquired over time as the business developed.

These companies handle different facets of the group’s automotive business, including motor workshop and repair, fleet management for ride-hailing service drivers, leasing for partner companies, and the management of multiple pools of vehicles financed under various lenders.

Among the other major creditors is auto-financing firm, Teck Wei Credit, which is owed $70 million; Toyota Financial Services, a subsidiary of Japanese carmaker Toyota, which is...