JES files for judicial management

JES files for judicial management

JES International Holdings, a Singapore-listed defunct Chinese shipbuilder, has announced that an application has been filed in the high court of Singapore to place the company under judicial management.

This follows JES being declared bankrupt by a Chinese court in Zhejiang in October last year, three years after it ceased operations due to a major financial crisis.

JES said the Singapore Stock Exchange may at any time suspend trading of the company’s shares.

The board of the company has proposed the appointment of Messrs Yit Chee Wah from FTI Consulting as judicial manager to manage the affairs, business and property of the company.

The date for the hearing of the application has yet to be fixed by the court.

In January, Singapore-based blockchain outfit PLMP Fintech approached JES on the possibility of taking over the listing status of the company on Singapore Stock Exchange by way of a scheme of arrangement or judicial management.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

Related Posts