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.