Japan Drilling Company (JDC) has received an order from the Tokyo District Court to refer the reorganisation plans to creditors’ resolution after the company submitted the plan to the court at the end of August.
The court’s order provides that the resolution for the reorganisation plans shall be conducted through a written vote. The required documents for voting will be delivered to the creditors along with the reorganisation plans by the first half of September, and the voting period is set between September 6 and October 25.
“We wish to have the Tokyo District Court confirms the reorganization plans based on the understanding and cooperation of the parties concerned so that we can promptly proceed with payments to the creditors according to the reorganisation plans,” JDC said in a release.
In March, JDC entered into a sponsor agreement with Nyctaeus Investors for the reorganisation of the company.
Tokyo-listed JDC owns a fleet of three jackup drilling rig and one semi-submersible rig.
