The Covid-19 pandemic caused lockdowns that literally brought revenues of some companies to zero overnight. Those with high fixed costs will find it hard to cope if they do not have sufficient cash reserves to service their loans.
The following table shows 20 Singapore blue-chip companies with the highest debt. Some of them have interest cover of <3. Thankfully, Singapore is moving out of its circuit-breaker period from 2 Jun 2020 and revenue-generating activities can commence. Hopefully, we can see recovery across the economy happening soon.