Indian-owned dry bulk specialist Mercator Lines (Singapore) Limited has asked the Singapore High Court for a stay of proceedings against the company to oppose an application filed on September 10 by its creditor – the Singapore branch of HSH Nordbank AG – which would place the company under judicial management.
Mercator Lines has also asked the court for leave to convene meetings of creditors no later than 4 months from the date of the application.
The company said that it is working closely with its creditors and advisers on a restructuring plan which is reportedly near completion.
Mercator Lines applied for a stay of court proceedings as its management believes that the appointment of a judicial manager is not in the interests of the company, its creditors and its shareholders.
The application filed by HSH Nordbank has been fixed for hearing on September 29.