Indian-owned dry bulk specialist Mercator Lines (Singapore) Limited will not be run by an interim judicial manager as requested by the company’s creditor, the Singapore branch of HSH Nordbank AG.
As World Maritime News reported yesterday, HSH Nordbank AG asked for an interim judicial manager to be appointed while the financially troubled company is undergoing restructuring. However, the bank’s application was dismissed by the High Court of Singapore on November 12.
Following the request for an interim judicial manager to be appointed filed by HSH Nordbank on November 9, Mercator Lines requested for the trading of its shares at the Singapore Exchange to be suspended as of November 12.
Mercator Lines is set to meet its creditor in court again on November 20, when the High Court of Singapore will hold two hearings in relation to the case, one for an application for leave to convene a meeting of scheme creditors to consider a Scheme of Arrangement filed by Mercator Lines, and the other for HSH Nordbank’s application for a judicial management.
Following a USD 11.9 million net loss recorded for the quarter ended September 30, Mercator Lines marked three and a half years of consecutive losses.