Oriental Group to apply for winding-up after bailout talks collapse

CATALIST-LISTED steel trader Oriental Group is headed for the chopping block, after talks with potential investors fell through, according to an announcement on Wednesday.

The company said it will get ready to make its winding-up application, after several rounds of discussions failed to secure a deal that would have justified applying to further extend its judicial management order.

Oriental Group has been under judicial management since 2017, after an application was made by a creditor to the Singapore High Court.

The High Court, at a hearing on Monday, extended the judicial management order from Feb 28 to Apr 30 so that the company would have enough time to file the necessary applications to discharge the judicial management order and wind the company up, the company has disclosed.

Along with certain directors and executives past and present, Oriental Group was reprimanded in June 2018 by the Singapore Exchange for misconduct over fundraising and unauthorised transactions.

Trading in the company's shares is suspended.