The FTI Consulting liquidators, appointed as joint provisional liquidators for seismic contractor Polarcus, have filed a mandatory report to the Grand Court of the Cayman Islands.
The joint provisional liquidators’ (JPLs’) first report, that was required to be submitted to the court before the end of March, summarises the work undertaken since the JPLs’ appointment on 8 February 2021.
The JPLs said their priority remains on completing the negotiations with certain secured creditors, and in so doing, seeking to maximise returns for the Polarcus’ creditors as a whole.
In due course, and with the benefit of knowing whether agreements can be reached with these secured creditors, the JPLs expect to assess the appropriate next steps for the company, including whether to seek to Polarcus placed into official liquidation and have an official liquidator appointed.
The company maintains its assessment that it is appropriate at this time for trading in the Polarcus share to be suspended. Polarcus will also not release a financial report for the fourth quarter 2020.