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.