Liquidators working on a restructuring plan
Production businesses to be sold
G3E will retain the remaining development and exploration blocks
What it owns
Green Dragon owns a 47% stake in Block GCZ (Chengzhuang) in China with proven probable reserves (2P) of US$157mln and where its partner is PetroChina.
At Block GSS (Shizhuang South) Green Dragon owns 60% and CNOOC is its partner.
G3 also owns stakes in exploration and development blocks in China.
How it’s doing
Liquidators were appointed in December to assist G3 with the China-focused gas group’s restructuring.
The joint provisional liquidators (JPLs) have been appointed by the Grand Court of the Cayman Islands to preserve and protect the company’s assets and identify any opportunities that may exist to restructure or refinance the company.
In July, G3 said following a hearing for further directions held on 23 June 2020, the Court has directed, inter alia, the following:
- The JPLs are to be fully involved in and lead the refinancing of the Company's debt.
- The JPLs are to provide written updates to the bondholders and the directors of relevant subsidiaries of the Company fortnightly with respect to any material development with respect to the progress of the refinancing.
Liquidators sell producing assets
Proceeds are sufficient to pay off debts and other creditors