Singapore-listed Mercator Lines has announced that it has filed an application to the court for a stay of proceedings and leave to convene meetings of creditors, no laters than four months from the application date, in an effort to oppose its creditor HSH Nordbank’s court application to replace the company’s management by judicial management.
Mercator Lines is currently in the process of a restructuring. The company announced earlier that it was working closely with creditors, an independent financial advisor and legal advisors to establish a restructuring plan in order to strengthen the company’s financial position and normalise operations.
The company believes that the appointment of a judicial manager is not in the interests of the company, its creditors and its shareholders.
