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G3 Exploration ploughs on with its refinance objectives

As indicated on 12 December, Alvarez & Marsal have been appointed as joint provisional liquidators of G3

G3 Exploration Ltd -

As expected, liquidators have been appointed to G3 Exploration Limited (LON:G3E), to assist 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.

The liquidators have until 5 February 2020 to explore such possibilities and prepare a report to the court as to the likelihood of a viable restructuring. During this eight-week period, the existing board of directors and management of G3 will remain in office.

"The group is focused on providing the JPLs all the necessary support and facilitating their conclusions to the court timely on or before 5 February 2020. We continue to work on our refinancing objectives concurrently,” said Randeep Grewal, the chairman of G3.

Quick facts: G3 Exploration Ltd

Price: 10 GBX

LSE:G3E
Market: LSE
Market Cap: £15.61 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