OCBC files court applications for KS Energy to be put under judicial management

OCBC Bank has filed applications in the High Court of Singapore to put KS Energy under judicial management, with Andrew Grimmett and Lim Loo Khoo of Deloitte & Touche as interim judicial managers.

The move comes after the bank sent letters of demand to KS Energy, KS Drilling and six other subsidiaries for a US$230.7 million ($315.1 million) term loan and US$5 million bridging loan to KS Drilling.