judicial management (JM)

On Aug 5, the company announced that it had filed an application in the General Division of the Singapore High Court to place the company under judicial management.

The powers of GMSB’s directors to manage and deal with GMSB’s charged assets are suspended. Hatten Land is seeking legal advice.

The suspension of the trading of the company’s shares was requested on Aug 5.

The SGX-ST’s decision is not an indication of the merits of the proposed delisting, says Swiber.

Shares in Nutryfarm last traded at 8.5 cents before trading was suspended.

All powers and duties of the directors have been suspended since the company was placed under judicial management.

The ruling comes following the company’s restructuring attempt that took place for over two years.

According to an SGX filing, the costs of the application will be paid out of the assets of KS Energy and KS Drilling.

The Singapore High Court has granted OCBC Bank’s application to place KS Energy and its subsidiary, KS Drilling, under judicial management.

The move comes after the bank sent letters of demand to KS Energy, KS Drilling and six other subsidiaries for a US$230.7 million ($315.1 million) term loan and US$5 million bridging loan to KS Drilling.