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A JUDICIAL manager has been appointed for dry bulk shipping company Mercator Lines (Singapore).
"The Court Order appointing Yit Chee Wah as judicial manager has been issued on 18 January," the company said in a release to Singapore Exchange. "The judicial manager intends to evaluate all of the available options in order to preserve the value of the company's assets for the benefit of its creditors."
The Singapore branch of HSH Nordbank AG had on Sept 10 filed an application to the Singapore High Court for Mercator Lines to be placed under judicial management.
Meanwhile, Harish Kumar Mittal has resigned as chairman and non-executive director. This comes after three of its non-executive directors resigned last week, ahead of a scheduled court hearing involving the company and its creditor.
Further updates will be provided by the judicial manager "as and when appropriate", the release said.