SINGAPORE - Mercator Lines (Singapore) is back to square one afer an earlier lifeline that had been extended to the embatted firm fell through.
The dry bulk shipping company's judicial manager, Mr Yit Chee Wah, told the Singapore Exchange in a filing on Wednesday morning (July 12), that he has terminated an agreement the company had with Mr Nickolaos Mitropoulos and Mr Dimitrios Podaridis.
The agreement, signed in April, was for the proposed transfer of the company's listing status to the two parties by way of a scheme of arrangement. Mr Mitropoulos and Mr Podaridis together wholly own three Australian businesses: Champion Commodities, Country Fresh Milk and Champion Beverages.
Mr Yit said the termination was because the two parties have failed to meet certain set conditions, "despite several extensions of time granted by the judicial manager".
"Given the termination of the implementation agreement, the judicial manager will recommence efforts to source for other potential investors for the transfer of the company's listing status," he said.
Mercator Lines was placed under judicial management in January 2016, following a successful application by its creditor HSH Nordbank to the Singapore courts, and has since been selling its vessels.