LONDON (Alliance News) - Xcite Energy PLC Tuesday said a petition to the Eastern Caribbean Supreme Court in the British Virgin Islands requesting the company be put into liquidation, amongst other things, will be heard December 5.
The company's shares were suspended from trading on AIM in October after its bondholders rejected a payment plan and petitioned for the appointment of a liquidator for the company.
At that time, Xcite Energy, which is focused on oil field development in the North Sea, said it believed "that liquidation is unlikely to result in the return of any value to the company's existing shareholders", and therefore requested the immediate suspension of its shares.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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