The Board of Directors of I.M. Skaugen SE (“IMSSE”) refers to its announcement on 31 May 2018, where it was announced that IMSSE, together with its wholly owned subsidiaries, SMIPL Pte Ltd (“SMIPL“) and IMSPL Pte. Ltd. (“IMSPL”) (collectively the “IMS Scheme Companies“), filed applications (the “Applications”) to the High Court of the Republic of Singapore (the “Singapore Court“) on 31 May 2018 for a moratorium to commence the reorganisation of liabilities and businesses of the IMS Scheme Companies (“Scheme Moratorium“). The Board of Directors of IMSSE also refers to its announcement on 8 June 2018 (made on www.skaugen.com), where it was announced that the Applications will be heard by Justice Kannan Ramesh on 27th June 2018 at 2.30pm, and that the IMS Scheme Companies will seek, among other things, approval from the Singapore Court to extend the Scheme Moratorium at the hearing.
Please be informed that following the hearing of the Applications on 27th June 2018 and 28th June 2018, the Singapore Court has granted certain orders (the “Orders”), which include:
- For a period of three (3) months from 28th June 2018:
a) no resolution shall be passed for a winding up of the IMS Scheme Companies;b) no appointment shall be made of any receiver or manager over any property or undertaking of the Applicant;
c) no proceeding, whether before a court or arbitral tribunal, and whether current, pending or threatened against the Applicant, shall be commenced or continued against the Applicant (other than proceedings under Section 211B or Sections 210, 211D, 211G, 211H, or 212), except with the leave of the Court and subject to such terms as the Court may impose;
d) no execution, distress, or other legal process against any property of the Applicant shall be commenced, continued, or levied, except with the leave of the Court and subject to such terms as the Court may impose;
e) no step to enforce any security over any property of the Applicant, nor any step to repossess any goods held by the Applicant under any chattels leasing agreement, hire-purchase agreement or retention of title agreement, shall be taken except with the leave of the Court and subject to such terms as the Court may impose; and
f) no right of re-entry or forfeiture under any lease in respect of any premises occupied by the Applicant (including any enforcement pursuant to Section 18 or 18A of the Singapore Conveyancing and Law of Property Act (Cap. 61) shall be enforced, except with the leave of the Court and subject to such terms as the Court may impose;
- The IMS Scheme Companies shall submit to the Court information relating to the financial affairs of IMS Scheme Companies and their subsidiaries as specified in the Orders. Depending on the information, such information will be submitted to the Court within two (2) or six (8) weeks of the date of the Orders (as the case may be).
The moratorium will provide much-needed space and time for the IMS Scheme Companies to implement their restructuring plan (Annex 1 to the announcement on 31 May 2018). The IMS Scheme Companies will in due course file applications in the Singapore Court to commence a scheme of arrangement to reorganise the liabilities and businesses of the IMS Group.
Should you have any further queries, please contact Bente Flø, Chief Financial Officer, on telephone +47 23 12 03 00 /+47 91 64 56 08 or by e-mail:firstname.lastname@example.org.