Tycoon Kris Wiluan's KS Energy placed under interim judicial management: High Court

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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KS Energy says rigs in 'no jeopardy', even as OCBC seeks judicial management for firmOCBC has filed applications with the High Court of Singapore to place KS Energy and its principal subsidiary, KS Drilling, under judicial management (JM), although the troubled offshore and marine group is suggesting an alternative solution. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »

KS Energy says rigs in 'no jeopardy', even as OCBC seeks judicial management for firmOCBC has filed applications with the High Court of Singapore to place KS Energy and its principal subsidiary, KS Drilling, under judicial management (JM), although the troubled offshore and marine group is suggesting an alternative solution. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »