The High Court of the Republic of Singapore has appointed liquidators of Mercator Lines as the shipping company pushes forward with the winding up of its business.
As disclosed in a filing to Singapore Exchange, Yit Chee Wah, the company’s Judicial Manager and Joshua James Taylor have been appointed the Joint and Several Liquidators of the company on October 25, 2017.
Singapore-incorporated Mercator Lines applied for winding up of its business on September 6, 2017 after it spent months under judicial management.
During this time the Judicial Manager Yit Chee Wah held discussions with several potential investors to explore transferring the company’s listing status and/or its restructuring. However, these attempts failed.
Faced with liquidity shortage and poor business performance, Mercator Lines decided to exit from dry bulk business and sell its fleet of 11 dry bulkers at the beginning of 2016.
Earlier this month, the company completed the sale of its vessel Prem Poorva to Natalia Shipping Limited.
Under the deal concluded on October 9, 2017, the Panamax bulker fetched a price of USD 3.8 million.
Mercator Lines said it would use the proceeds from the sale to repay debts.
World Maritime News Staff