Road King (01098) said a liquidation petition against its wholly owned subsidiary New Choice Global has been scheduled for a hearing in the British Virgin Islands court on March 15 next year, when an application to appoint provisional liquidators for New Choice will also be heard, according to ETNet.
The company said the substitute petitioner is a member of the Ad Hoc Group, which and other members continue to support the restructuring under the restructuring support agreement. Road King said the restructuring is progressing smoothly and is expected to be completed by year-end under the previously announced timetable. It now expects the restructuring effective date to come before the hearing date, and if that happens, the company and New Choice will work with the substitute petitioner and other parties to withdraw the liquidation petition by consensus after the restructuring becomes effective.