Polarcus’ Joint Provisional Liquidators have filed their first report to the Grand Court of the Cayman Islands.
Polarcus’ Joint Provisional Liquidators have filed their first report to the Grand Court of the Cayman Islands.
The report summarizes the work undertaken since the JPLs’ appointment on 8 February, provides an estimated financial position of the company and its subsidiaries and sets out further work.
The JPLs are continuing negotiations with certain secured creditors. In due course, the JPLs expect to decide whether to place the company into official liquidation.
They confirmed that trading in Polarcus’ shares will continue to be suspended and the company will not release a financial report for Q4, 2020.
Meanwhile, Polarcus bondholders have voted to approve certain working capital loans and a sale and purchase agreement in relation to the issued shares in Polarcus Selma Ltd.
Eligible bondholders holding more than 60% of the voting bonds have informed the company that they will vote in favour of the resolution.
