SINGAPORE - A judicial manager has been appointed for Chinese shipbuilding and engineering firm JES International following its application for judicial management in February.
The High Court has appointed Yit Chee Wah of FTI Consulting (Singapore) as judicial manager after JES's application was heard in Court on Wednesday (March 20), the company said in a regulatory filing with the Singapore Exchange on Thursday.
Mr Yit will manage the affairs, business and property of the mainboard-listed China-based company.
Judicial management is a court-supervised temporary rescue procedure where a distressed company is managed by a judicial manager in an attempt to help the company to survive, get a scheme approved or more advantageous realisation of assets of the company versus that in a liquidation.
Trading in JES's shares has been suspended since March 4, 2015.