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Mercator Lines to be wound up
MERCATOR Lines, which is under judicial management, says its judicial manager (JM) has filed an application to wind up the company.
It said that its JM has held preliminary discussions with several potential investors to explore transferring the company's listing status and/or restructuring the company; but, while these potential investors have expressed an interest in its listing status, the company has, to date, been unable to justify an application for a further extension on its judicial management order.
The hearing date for the winding-up application has been fixed on Sep 8.
This latest announcement, out on Wednesday, follows the JM's announcement in July that Mercator Lines had terminated a proposed deal which would have seen its listing status transferred to a company to be set up by two individuals, Nickolaos Mitropoulous and Dimitrios Podaridis, who own three Australian businesses, Champion Commodities, Country Fresh Milk and Champion Beverages.
Mercator Lines was placed under judicial management in January last year, following an application by its creditor HSH Nordbank to the Singapore courts.