The Singapore High Court has granted OCBC Bank’s application to place KS Energy and its subsidiary, KS Drilling, under judicial management.
The bank, on August 28, filed applications to put the company under judicial management after it sent letters of demand to KS Energy, KS Drilling, and six other subsidiaries for US$230.7 million ($315.1 million) term loan and US$5 million bridging loan to KS Drilling.
The application was granted by High Court Justice Aedit Abdullah with Andrew Grimmett and Lim Loo Khoo of Deloitte & Touche appointed as interim judicial managers, as requested by OCBC.
See: OCBC files court applications for KS Energy to be put under judicial management
