Oceanic Securities PTE Ltd., which owns 15.27% of CBL Corp. Ltd. shares, filed an opposition to the proposed liquidation of the New Zealand-based company.
In May, two CBL creditors filed an application to liquidate the company. The liquidation application was scheduled to be heard Dec. 17. However, the Auckland High Court adjourned the liquidation hearing to no later than Feb. 4, 2019, to give the opposing shareholder time to consider its position and file a statement of defense, if needed.
The watershed meeting of CBL must be held no later than Feb. 15, 2019. The meeting, which offers creditors the choice to resolve a deed of company arrangement, resolve that the administration should end or appoint liquidators, will not be required if the company is placed into liquidation.