Gramercy Distressed Opportunity Fund Ii Lp News

The company is subject to the jursidiction of several courts, but restructuring is essential in order to avoid bankruptcy. The Company previously announced on 5 October 2012 that some of its subsidiaries which had obtained protective orders from the Singapore High Court under section 210(10) of the Companies Act had the validity of those orders extended for a further 2 months. At a hearing on 27 November 2012, the Singapore High Court granted a further extension of those orders until 10 January 2013. This extension was obtained with the support of several major secured creditors of the Company. The extension granted by the Singapore High Court complements the ongoing PKPU process in Indonesia.