7 Jan 2021 07:00
6 January 2021
G3 EXPLORATION LIMITED
("G3 Exploration", "G3E" or the "Company")
Corporate Update
Please be advised that the first meeting of the Company's creditors and contributories (the "Meeting") was held on Thursday 17 December 2020 at 9:00am (Cayman Islands time).
In accordance with Order 8 Rule 2 of the Companies Winding Up Rules (2018) ("CWR"), the primary purpose of the Meeting was for the Joint Official Liquidators ("JOLs") to facilitate the establishment of a Liquidation Committee ("LC"), should the Company's creditors and contributories desire that an LC be formed. In accordance with the CWR, the LC of an entity determined to be of doubtful solvency shall comprise not less than three nor more than six members, of whom a majority shall be creditors and at least one of whom shall be a contributory.
The role of an LC is to, amongst other things:
a) act as a sounding board for the JOLs in determining how the liquidation should proceed; and
b) approve the JOLs' fees.
At the Meeting, the JOLs only received one nomination to participate in the LC. Hence, the JOLs did not receive sufficient nominations for an LC to be constituted and as such an LC will not be formed at this time. The JOLs will report the outcome of the Meeting directly to the Grand Court of the Cayman Islands.
At this time, the outcome and timeline of the joint official liquidation of the Company, will be subject to the actions of, and the realisation of assets by the Receivers of Greka Gas China Ltd.
Should you have any queries, please do not hesitate to contact my colleague, Rebecca Rohan, via email at rrohan@alvarezandmarsal.com.
Yours faithfully,
Alexander Lawson
Joint Official Liquidator
G3 Exploration (G3E)