Mercator Lines (Singapore), the dry bulk shipping unit of India’s Mercator Limited, says there is no legal action or proceedings in Singapore or elsewhere against the company or its subsidiaries save for the application by creditors to place the company under judicial management.
On Sept 10, it was reported that the Singapore unit of German shipping bank HSH Nordbank AG, a creditor, has filed an application with the court seeking to place Mercator under the management of a court-appointed company.
The comments were made in response to queries raised by the Singapore Exchange on Sept 15.
Mercator also says the board is of the opinion that the group can continue as a going concern provided it can obtain a stay of proceedings in the case seeking to put the company under judicial management, among other factors.
Sufficient information has also been disclosed by the group to enable trading of its shares to continue on an informed basis, the group adds.
Mercator, which has been hit by plunging dry bulk freight rates, has also applied to the Court to negotiate with its creditors within four months to consider and approve a scheme of arrangement.
The stock last traded at 1.9 cents.
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On Sept 10, it was reported that the Singapore unit of German shipping bank HSH Nordbank AG, a creditor, has filed an application with the court seeking to place Mercator under the management of a court-appointed company.
The comments were made in response to queries raised by the Singapore Exchange on Sept 15.
Mercator also says the board is of the opinion that the group can continue as a going concern provided it can obtain a stay of proceedings in the case seeking to put the company under judicial management, among other factors.
Sufficient information has also been disclosed by the group to enable trading of its shares to continue on an informed basis, the group adds.
Mercator, which has been hit by plunging dry bulk freight rates, has also applied to the Court to negotiate with its creditors within four months to consider and approve a scheme of arrangement.
The stock last traded at 1.9 cents.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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