Asia/Pacific News
Singapore's Mercator Lines Granted Extension of Judicial Management Order
The Judicial Manager of Mercator Lines (Singapore) Limited (Mercator Lines) says that an application to extend the judicial management order that expired on February 28, 2017 was filed on February 27, and was approved.
The approval extends the judicial management order a further 90 days to May 29, 2017, provided that an Implementation Agreement between the company and the potential investor is executed by March 21, 2017.
Last March, Ship & Bunker reported that creditors of Mercator Lines were pressing for the judicial auction of an arrested vessel, the 74,000 DWT MV Garv Prem, one of five bulk carrier vessels that the company had already agreed to sell to creditors in January 2016 under five separate memoranda of agreement.
In April, Yit Chee Wah, the judicial manager of Mercator Lines announced that the 73,652 DWT bulk carrier Kalpana Prem had been sold for $2,933,801.65 to a third party on an "arms-length basis."
