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High Court directs EMS Energy to convene further creditors' meeting by April 16
THE board of EMS Energy on Monday said that the High Court has directed that a further creditors' meeting to consider the scheme of arrangement will be convened by April 16, 2018.
At least two weeks before that, an addendum to the explanatory statement dated Sept 14, 2017 will be issued to creditors setting out the basis of its subsidiary EMS Energy Solutions' (EES) entitlement.
EES is an unsecured creditor of a related company, Koastal Industries, to the net sum of about S$19.4 million. The addendum will also include what the amount of distribution under the scheme is estimated to be and the basis for such estimation.
In the event that the meeting votes in favour of the scheme by the requisite majority, EES has been directed to report back to the Court by May 7 and a further case management conference will be fixed for the week of May 14.
The existing moratorium on creditor claims against EES has been correspondingly extended to May 21, 2018 or other order of court.