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HSH Nordbank turns up the heat on Mercator Lines (Singapore)

HSH Nordbank turns up the heat on Mercator Lines (Singapore)
Struggling Mercator Lines (Singapore) has asked for a stock trading suspension, as HSH Norbank applies for the appointment of interim judicial management.

The Singapore-listed arm of Mercator is seeking to restructure its operations through a court-approved scheme of arrangement.

However, creditor HSH Nordbank has applied to have the company placed under judicial management with a court hearing set for 20 November. In a further development the bank filed an application on 9 November for the appointment of an interim judicial manager to be appointed pending the judicial management hearing.

Mercator Lines told the Singapore Exchange it was requesting a voluntary suspension in trading due in view of the interim judicial management and judicial management applications, and the uncertainty surrounding its restructuring plans.

If a scheme of arrangement is put in place the existing management of Mercator Lines would stay in charge of the company, while judicial management would see them replaced with court approved managers.