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J&P Overseas to Appoint Administrators

J&P Overseas to Appoint Administrators

J&P Overseas Limited (the Company) was notified today by its Alternate Director, Christos Joannou, that he filed an application on 11 October 2018 at the Guernsey Royal Court to appoint Administrators over the Company pursuant to the provisions of Part XXI of the Companies Law. This is sought for the purpose of achieving a more advantageous realisation of the Company’s assets that would be otherwise effected through a winding up, per section 374(3)(b) of the Companies Law.

Challenging local market conditions, unfavourable final contract settlements, delays in contract receipts and limited financial resources to pursue new projects have led the Company to this predicament. During the past few months J&P Overseas has been facing significant liquidity problems and has actively engaged with all its stakeholders in seeking to develop a viable solution that would allow it to continue trading. Unfortunately a comprehensive Restructuring Plan submitted to the Company’s lenders and developed with the assistance of professional advisors was recently rejected, which has left limited room for the Company to maneuver and meet its ongoing obligations.

The decision to appoint Administrators has been taken at this time to protect the interests of creditors, employees and customers given the liquidity position across the J&P Group (‘the Group’). It is expected that under the administration regime the Company will have the necessary protection and
be in a better position that it would otherwise, to enable it to agree consensual solutions with the clients, lenders and other creditors for the successful completion or other appropriate solutions for each project. Through the administration process the company expects to minimise the impact to its creditors and to primarily contribute towards alleviating any effect on its workforce, which has demonstrated immense patience and dedication to date.

No other Group entities, other than the Company, have been placed into any administration process whilst the proposed Administrators seek to secure the funding required.

The Directors and proposed Administrators of the Company will continue to work with all stakeholders to preserve as much value as possible across the Group. The Directors and the Management will provide their unmitigated support to the efforts of the Administrator upon his appointment with the hope and expectation that this will allow for a smooth and orderly completion of the projects. The Company anticipates that all stakeholders will demonstrate a co-operative approach that will allow for the optimal outcome under the circumstances.

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