China Sky Chemical Fibre doesn't have funds to make exit offer for delisting

BELEAGUERED China Sky Chemical Fibre is unable to provide an exit offer as it does not have sufficient financial resources, and none of its controlling shareholders have expressed any intention to do so.

The company, which is now under judicial management, said in a regulatory filing on Monday that its creditors are not interested in making an exit offer.

The exit offer is to be made pursuant to the delisting notification from the Singapore Exchange in April after China Sky missed a final deadline to submit its proposal for trading resumption.

The judicial manager will not be applying to extend the judicial management order expiring on Sept 13 but will instead apply for a discharge.

But China Sky will be under provisional liquidation in its place of incorporation, Cayman Islands, where the provisional liquidators there are to make an application to place the company into official liquidation or dissolve it.

Shares of China Sky have been suspended since Aug 12, 2016.