RE: RNS Out1 Jul 2020 11:28
G3 Exploration", "G3E" or the "Company")
Corporate Update
Further to the update on 15 June 2020, the Grand Court of the Cayman Islands has issued its Order. The Court has confirmed that the four-month extension of the provisional liquidation (granted on 12 June 2020) constitutes the final adjournment of the winding up petition hearing. Any further hearing on this matter could be re-listed for the first available hearing date from 12 October, 2020 onwards.
In addition, following a hearing for further directions held on 23 June 2020, the Court has directed, inter alia, the following:
- The JPLs are to be fully involved in and lead the refinancing of the Company's debt.
- The JPLs are to provide written updates to the bondholders and the directors of relevant subsidiaries of the Company fortnightly with respect to any material development with respect to the progress of the refinancing.
The JPLs and the Company intend to utilise this four-month period to pursue the proposed refinancing. Further, the JPLs and the Company will concurrently continue to assist the Receivers in respect of the asset sale process