NutryFarm International (SGX:AZT) and its judicial manager entered into an implementation agreement with Corpbond IV to restructure the company's obligations to a major creditor, according to a filing with the Singapore Exchange on Wednesday.

Under the new terms, the company will issue and allot conversion shares to the major creditor at a conversion price and will also transfer 100% of the shares in the capital of distressed companies to the creditor.

The company will also assign and transfer the right of the major creditor to sue and to recover proceeds from enforcement of claims.

The durian producer was placed under a judicial management order in June 2022 at the request of its creditor Corpbond IV, which agreed in January 2021 to extend a loan of up to SG$1 million to the company.

Trading in the company's shares has been suspended since April 2022, the filing said.