Norway-based maritime transportation firm I.M. Skaugen SE (IMMSSE) and its wholly owned subsidiaries, SMIPL Pte Ltd (SMIPL) and IMSPL Pte. Ltd. (IMSPL), Thursday filed for restructuring at the High Court of the Republic of Singapore.
The development provides IMMSSE and its subsidiaries protection against creditors’ claims for a 30-day period; the company intends to extend the period.
It will provide “much-needed space and time” for the company to complete its business transformation from seaborne transportation of LPG/Petrochemicals to the regional distribution of LNG.
The business restructuring plan has been approved by IMMSSE’s stakeholders during a meeting on 4 April, 2018.
“We are confident that the process will lead to a reinvigoration of the IMS Group and it will assist us to generate significant cash flow for the benefit of all stakeholders.
“In the meantime, the IMS Group continues to pursue SSLNG opportunities, via Norgas Carriers AS, Norgas Carriers Pte Ltd, and Somargas II Pte Ltd, which the IMS Group has kept outside of the process described above.
“The IMS Group thanks its clients and key stakeholders for their continued support which is equally as important to the survival and success of the IMS Group as the process described above.”
Photo credit: By Jacklee. – Own work., CC BY-SA 3.0, https://commons.wikimedia.org/w/index.php?curid=12472458
Published: 1 June, 2018
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