Singapore

OCBC has filed applications with the High Court of Singapore to place KS Energy and its principal subsidiary, KS Drilling, under judicial management (JM), although the troubled offshore and marine group is suggesting an alternative solution.

This came after the bank sent letters of demand to KS Energy, KS Drilling and six other subsidiaries for a US$230.7 million secured-term loan and a S$5 million unsecured bridging loan, both owed by KS Drilling.