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FibreChem Technologies making arrangements to delist
THE provisional liquidators of FibreChem Technologies announced Thursday that they are making the necessary arrangements to delist the company, as directed by the Singapore Exchange in a Nov 2, 2017 letter.
They added that on Apr 20, the court of Bermuda - where the firm is incorporated - gave approval for a further adjournment of the petition for the company's liquidation until Oct 19.
The liquidators said that as at the announcement date, based on information currently available to them, "none of the company and its controlling shareholders is in the financial position to propose a cash exit offer to existing shareholders".
The liquidators will be applying to the Bermuda Court to proceed with liquidation of FibreChem's assets in connection with the delisting. "However, there can be no assurance that there will be distributions available for cash back to the company's shareholders following such liquidation," they added, saying that they will update shareholders as and when appropriate.
Since being appointed, the liquidators had sought to improve recovery efforts from FibreChem's available assets and debtors and actively pursued potential restructuring opportunities, they said. "However, due to reasons beyond the control of the provisional liquidators, none of such potential restructuring options had come to fruition," they added.
The company has been suspended from trading since Feb 25, 2009.