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G3 Exploration given time to sort itself out by Grand Cayman court

The company expects to continue as a going concern through this process and following the restructuring.

G3 Exploration Ltd -

G3 Exploration PLC (LON:G3E) saw its shares continue to recover on Thursday as a court in Grand Cayman granted it leeway to sort out its problems.

The court has appointed Alvarez & Marsal as joint provisional liquidators (JPL) but they will work with the existing management to devise a restructuring plan for the China-focused gas group.

“In accordance to the company's application and acceptance of the Court, the Board and Management shall continue to maintain the operations as a going concern and conclude the restructuring plan with the JPL for submission to the Court,” G3E said in a statement. 

“As a result of this positive conclusion, the company does not intend to apply for any trading suspension.”

The court accepted G3E’s argument that it was in the best interests of debtholders and shareholders that the JPL be appointed to facilitate a restructuring.

“Under the JPL appointment, the directors will retain control of the day to day management of the Company while the JPLs can focus on identifying, facilitating and executing a comprehensive restructuring plan," G3E added.

The company expects to continue as a going concern through this process and following the restructuring.

Randeep Grewal, G3’s chairman said: "We are very pleased with the outcome of the hearing and await the final Order. “

Shareholders were pleased too as G3 srock rose 62% to 28.6p.

Quick facts: G3 Exploration Ltd

Price: 11.6 GBX

LSE:G3E
Market: LSE
Market Cap: £18.1 m
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Morning Report: G3 Exploration survives to fight another day

Headlines from the Proactive UK newsroom. China focused gas group G3 Exploration (LON:G3E) has received a stay of execution from the Grand Cayman Court. Joint Provisional Liquidators have been appointed and will work with the board and management to develop a re-structuring plan. Rockfire...

on 12/12/19

2 min read