I.M. Skaugen, two subsidiaries granted entry into scheme proceedings

By Caroline Salls

Pittsburgh, June 28 – I.M. Skaugen SE and its SMIPL Pte. Ltd. and IMSPL Pte. Ltd. wholly owned subsidiaries obtained approval from the High Court of Singapore to enter scheme of arrangement proceedings, according to a news release.

Under the Wednesday order, no wind up of the scheme companies, no receiver or manager appointment, no court action and no security enforcement may be completed for a period of three months from June 28.

I.M. Skaugen said the scheme companies will submit information to the court related to the companies’ financial affairs within two weeks or six weeks of the order date.

The company said the scheme moratorium will give the companies time to implement their restructuring plan and file applications to launch a scheme of arrangement to reorganize the group’s debt and businesses.

I.M. Skaugen is an Oslo-based marine transportation service company engaged in the transportation of petrochemical gases and chemicals.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.