Technics said the Singapore High Court had made orders placing the company and its subsidiary Technics Offshore Engineering under judicial management.
The High Court appointed Mr Tam Chee Chong and Mr Andrew Grimmett of Deloitte & Touche as the judicial managers.
Technics said the judicial managers will manage the affairs, business and property of the company and its subsidiary instead of the boards of directors for the purpose of achieving either:
a) the survival of the company and its subsidiary, or the whole or part of their undertaking as a going concern;
b) the approval of a compromise or arrangement between the company and its subsidiary and any other relevant persons; or
c) a more advantageous realisation of Technics' and its said subsidiary’s assets than...
