JES Placed under Judicial Management
- Business & Finance
Chinese shipyard operator JES International Holdings has filed an application in the High Court of Singapore to place the company under judicial management.
The JM application was filed on February 11, while the date for the hearing of the application is yet to be fixed by the court.
JES added that the trading halt in respect of the shares of the company called on March 4, 2015 continues.
The development was made after China’s Jiangsu Jingjiang Court ordered for JES’ seven shipbuilding subsidiaries to cease operation and to be wound up in October 2018.
At the time, the company informed that the court decision was made after its judicial managers failed to submit a draft of a revival plan according to schedule.
Earlier in 2018, JES’ intentions to sell its shipbuilding subsidiaries fell through. The company was considering disposals after the group encountered commercial uncertainty from bank debts and delays in its restructuring process.