G3 Exploration Ltd - Corporate Update
Role of the JPLs
The JPLs are independent officers of the Court. The primary roles of the JPLs are, broadly, to preserve and protect the Company's assets and identify any opportunities which may exist to restructure or refinance the Company.
The Company's application seeking to appoint the JPLs had sought the Court's approval to grant the JPLs and the board of directors of the Company the power to control the subsidiaries of the Company. This aspect of the application was not successful. The subsidiaries of the Company are under the control of the Receivers who were appointed on
The JPLs have until
The JPLs' enquiries (which are already underway), will continue with the JPLs consulting with, and obtaining relevant information from, key stakeholders with a view to determining the possibility of a restructuring (or refinancing) option. The JPLs' findings, and their ultimate recommendation as to the likelihood of a successful restructuring (or refinancing) will be presented to the Court in their report on or before
For the avoidance of any doubt, no such restructuring or refinancing has been developed or agreed, however, the JPLs are working with both the Company and the receivers to investigate all potential options.
Should you have any queries, please contact the JPLs via their colleague Carlos Bourgy at firstname.lastname@example.org.
This information is provided by RNS, the news service of the
Quick facts: G3 Exploration Ltd
Market Cap: £43.86 m
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