Innopac's bid for judicial management dismissed due to unsuccessful application to adjourn court hearing

SINGAPORE (THE BUSINESS TIMES) - Innopac Holdings has clarified that its application to be placed under judicial management (JM) has been dismissed as a result of an unsuccessful application to adjourn the court hearing for the application.

The mainboard-listed company made this clarification in a bourse filing on Saturday (March 6) following an update on Feb 24, when it only said that its application to adjourn the court hearing for the JM application was unsuccessful.

Innopac also noted on Saturday that the company can "resubmit a fresh JM application in the future if the situation requires".

The investment holding company applied last August to be placed under judicial management. It was served a delisting notice in 2019 after failing to meet the necessary requirements to remove itself from the Singapore Exchange's watch-list over the past 36 months.

However, Innopac later announced that it had insufficient cash resources to make an exit offer to shareholders. It also faced claims of nearly S$14.7 million, over the negative account balances of two subsidiaries, from Saxo Bank.

Innopac shares have been suspended since June 7, 2018.

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