Mercator Lines Brings Down the Curtain
Singapore-based Mercator Lines says its judicial manager (JM) has filed an application to wind up the company.
"Subsequent to the termination of the Implementation Agreement (IA), the Judicial Manager (JM) held preliminary discussions with several potential investors to explore transferring the Company’s listing status and/or restructuring the Company," said a stock exchange filing.
Whilst these potential investors have expressed an interest in the Company’s listing status, to date the Company has been unable to justify an application for a further extension on the Judicial Management Order. Accordingly, the JM has filed an application to wind up the Company.
"The hearing date for the winding-up application has been fixed on 8 September 2017," said the company.
A report in Business Times added that this latest announcement 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.