SINGAPORE - Mainboard-listed Linc Energy has entered into voluntary administration.
The Australian oil & gas company has appointed Stephen Longley, Grant Sparks and Martin Ford of PPB Advisory as administrators with effect from Friday (April 15).
"The administrators are working with the company's management team to fully understand the options available to the company, which may potentially include a restructure of the company at an appropriate time," the company said in a filing to the Singapore Exchange on Friday.
It said the administrators are working with the company's management team to fully understand the options available, which may include a restructuring of the company.
Linc Energy shares have been suspended since March 30 as it sought more time to continue discussions on its debt restructuring and recapitalisation efforts.
The firm, which was de-listed from the Australian Stock Exchange to float on the SGX in late 2013, had promised huge returns from an innovative technology to extract fuel from coal deposits but failed to generate any meaningful revenue from a string of much-heralded projects.
It posted a net loss of A$95.77 million (S$100.6 million) for its second quarter as oil prices plummeted. The firm's total borrowings stood at A$726.4 million as at Dec 31, while it had only A$4.7 million in cash and cash equivalents.
According to an Australian newspaper report last month, some investors here and in Australia were also unhappy that the firm's founder and former chief executive, Mr Peter Bond, continued to live it up Down Under.