SINGAPORE - The High Court has granted OCBC Bank's application to place KS Energy and its principal subsidiary, KS Drilling, under judicial management, after the bank sent letters of demand to the two companies and six other subsidiaries for a US$230.7 million term loan and US$5 million bridging loan to KS Drilling.
High Court Justice Aedit Abdullah granted the application following a two and a half hour long"heavily contested" hearing on Monday morning, with Mr Andrew Grimmett and Lim Loo Khoo of Deloitte & Touche appointed as interim judicial managers.Enjoy unlimited access to ST's best work Subscribe Now
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