JM seeks buyers for Mercator's listing status as current deal falls through

Singapore

MERCATOR Lines, which is under judicial management, has terminated a proposed deal which would have seen its listing status transferred to a company to be set up by two individuals.

In an announcement on Wednesday, judicial manager Yit Chee Wah said: "The implementation agreement has been terminated by the judicial manager on behalf of the company, on account of the individual parties' failure to meet their condition precedents, despite several extensions of time granted by the judicial manager." On April 3 this year, Mercator entered into the agreement with the two individual parties, Nickolaos Mitropoulous and Dimitrios Podaridis, for the proposed transfer of the listing status to them by way of a scheme of arrangement.