In response to the bank's court applications, the oilfield supply and services provider proposed to put in place measures to let OCBC"fully monitor and supervise" all its business operations.
"The proposed judicial managers are not better placed than the present management to continue the company's business so as to safeguard its and its creditors' interests," KS Energy said. He noted that the group had been facing unprecedented challenges, just like its industry peers, after the oil price collapse and supply chain disruptions caused by the coronavirus pandemic.
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