Mercator Lines Fights Creditor over Judicial Management Order

zoom Indian-owned dry bulk specialist Mercator Lines (Singapore) Limited has asked the Singapore High Court for a stay of proceedings against the company to oppose an application filed on September 10 by its creditor the Singapore branch of HSH Nordbank AG  which would place the company under judicial management. Mercator Lines has also asked the court for leave to convene meetings of creditors no later than 4 months from the date of the application. The company said that it is working closely with its creditors and advisers on a restructuring plan which is reportedly near completion. Mercator Lines applied for a stay of court proceedings as its management believes that the appointment of a judicial manager is not in the interests of the company, its creditors and its shareholders. The application filed by HSH Nordbank has been fixed for hearing on September 29.