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Judicial manager for JES International gets more time to submit proposals

SINGAPORE'S High Court has granted JES International’s judicial manager an extension until July 18 to submit its proposals to the Chinese shipbuilding and engineering firm’s creditors and the court's registrar. 

The recently appointed judicial manager is Yit Chee Wah of FTI Consulting (Singapore). Mr Yit had filed for an application for the extension on April 26, according to a regulatory filing posted on Wednesday.

Judicial managers are required within 60 days of the court order to send a proposal to the High Court registrar and all creditors regarding the survival of a company under judicial management. Other purposes include compromises, arrangements or more advantageous realisations of a company’s assets versus winding up.

Trading in JES shares has been suspended since March 4, 2015.

sentifi.com

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