RE: What can we even do?15 Mar 2021 15:42
Reply received this morning after 6 week wait .....
As you are aware, the company is in Official Liquidation and is a holding company with several subsidiary entities beneath it, some of which ultimately hold assets. The recovery of any proceeds to G3E that would enable the liquidators to pay stakeholders in the required order of priority, as established by Cayman Islands law, is entirely dependent upon the level of realisations achieved at subsidiary entities. Those subsidiary entities are not under our control, but under the control of secured creditors who exercised their rights to appoint a Receiver and it remains highly uncertain as to what level, or when, proceeds will ultimately reach G3E.
As such, and as I am sure you will appreciate, we will only issue updates when there has been a material development in the matter or to meet other statutory deadlines.
Thank you for your understanding.
Kind regards,
Rebecca Rohan
Associate
Alvarez & Marsal Cayman Islands Limited
Email: rrohan@alvarezandmarsal.com | Mobile: +1 (345) 926-5489