SINGAPORE - The High Court of Singapore has confirmed Andrew Grimmett and Lim Loo Khoon of Deloitte & Touche LLP as the joint and several judicial managers of China Sports International, the sportswear maker announced on Wednesday (June 27).
The duo, who were previously China Sports' interim judicial managers, were appointed after a June 26 substantive hearing of the company's judicial management (JM) application.
In its orders, the High Court said that the firm was to be placed under JM to keep the company afloat, conduct arrangements or compromises between the company and any persons, and seek a "more advantageous realisation" of the company's assets instead of a winding-up.
Among other things, the judicial managers are authorised to take control of all of the company's assets, operate or close the company's bank accounts and negotiate with the company's creditors or potential investors.
China Sports' shares have been suspended since Dec 4, 2017, after it requested a voluntary suspension until the commencement of an audit process.