Judge cites 'clear case of balance sheet insolvency' for placing KS Energy and its key unit under IJM
KS Energy and its unit will need their creditor bank's backing for scheme of arrangement: judge
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Singapore
IN granting OCBC's application to place embattled KS Energy and its key unit under interim judicial management (IJM), High Court Justice Aedit Abdullah said there is a "very clear case of balance sheet insolvency" at the oil services group and that a JM order would seem highly likely, "short of a miracle".
He said in a brief grounds of decision seen by The Business Times (BT) on Friday: "While miracles can sometimes happen, even in commercial settings, some evidence would typically need to be provided of a 'white knight' on the verge of coming to the rescue."
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