The Singapore High Court has approved Technics Oil & Gas’ application to place itself and its subsidiary Technics Offshore Engineering under judicial management.
The High Court has appointed Tam Chee Chong, Deloitte’s regional managing partner in southeast Asia, and Andrew Grimmett of Messrs Deloitte & Touche as judicial managers of both companies, Singapore-listed Technics said in a filing today.
The managers will look after the companies’ affairs, business and property in place of their respective boards of directors in an effort to ensure their survival “or the whole or part of their undertaking as a going concern”, the filing said.
They will also try to come to an agreement or compromise with the companies’ creditors under Section 210 of Singapore’s Companies Act, and/or find “a more advantageous realisation” of the two companies’ assets than would be effected through winding up operations.
Technics Oil & Gas applied to the High Court of Singapore on May 31 to place itself and its subsidiary under judicial management.