RNS12 Dec 2019 07:17
G3 EXPLORATION LTD.
("G3 Exploration", "G3E" or the "Company")
Corporate Progress
In update to the 2nd December, 2019 release, G3 Exploration is very pleased to announce the favourable ruling on its behalf in the Grand Cayman Court yesterday. In acceptance of the Company's application, the Grand Cayman Court accepted the appointment of Alvarez & Marsal as Joint Provisional Liquidators ("JPL") to work with the Board and Management in developing the re-structuring plan while the Nordic Trustee appointed Receiver is expected to concurrently assist the JPL in its duties. An Order is expected to be entered shortly.
In accordance to the Company's application and acceptance of the Court, the Board and Management shall continue to maintain the operations as a going concern and conclude the re-structuring plan with the JPL for submission to the Court.
As a result of this positive conclusion, the Company does not intend to apply for any trading suspension.
The Company successfully argued that the interests of all stakeholders (debt holders and shareholders) are best served by the JPL when appointed to facilitate the re-structuring of its assets and on-going business. During this period, the Company will also benefit from a stay of proceedings and give adequate time to restructure its assets and liabilities.
In view of the significant asset base and investments of over US$1billon in the development of its assets, the Company is seeking to re-structure its assets and liabilities in accordance with its previously announced business plan and believes that the JPLs will facilitate such execution to the benefit of all stakeholders. As such, the JPL appointment under the supervision of the Grand Court of the Cayman Islands is, in the opinion of the Board, the preferred path forward for the proposed restructuring of the Company and its subsidiaries. Under the JPL appointment, the directors will retain control of the day to day management of the Company while the JPLs can focus on identifying, facilitating and executing a comprehensive restructuring plan. The Company expects to continue as a going concern through this process and following the re-structuring.
The Board and Management look forward to working cooperatively with the JPL and remain committed to re-structure as follows:
1. Pay its Creditors (Nordic and GIC) in full
2. Following above execution, dividend Green Dragon Gas to the Shareholders.
3. Continue as an Exploration and Appraisal company specializing in Coal Bed Methane.
Mr. Randeep S. Grewal, Chairman of G3 Exploration commented, "We are very pleased with the outcome of the hearing and await the final Order. We look forward to concluding the re-structuring plan with the appointed JPL and their valuable assistance and support in doing so. A successfully re-structured G3 Exploration rewards all stakeholders which the Board and Management are committed to deliver. This ruling allows the necessary ti
Sign In
Follow the stocks
