7th Feb 2020 11:27
(Alliance News) - G3 Exploration Ltd said Friday its joint provisional liquidators have filed a report to the Grand Court of the Cayman Islands on the likelihood of a viable restructuring of the China-focused gas producer.
Looking ahead, a further report is to be filed on March 13, by which time it is expected that G3 will receive a signed terms sheet for proposed refinancing.
"I am happy to report, no employee has been infected by the coronavirus till date and we expect to maintain prudence to avoid exposure until the virus is contained. The group activities are ongoing without interruption," said Chair Randeep Grewal.
The Grand Court first appointed Alexander Lawson, Christopher Kennedy and Wing Wong of professional services firm Alvarez & Marsal as joint provisional liquidators in early December - which allowed G3's shares to avoid suspension on the London Stock Exchange.
The liquidators were appointed to"broadly preserve and protect" G3's assets, as well as seek opportunities for refinancing or restructuring.
Under the Alvarez & Marsal appointment, the directors retained control of the day-to-day management of the company, while Alvarez & Marsal focused on forming a restructuring plan.
Shares in G3 Exploration - which is based in Zhengzhou, China - were down 1.7% at 12.04 pence on Friday in London.
By Dayo Laniyan; [email protected]
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