Oslo-listed gas carrier company IM Skaugen (IMS) has filed for court protection in Singapore as it seeks to reorganise its debt and business.
The application at the Singapore high court automatically grants a 30-day shield from creditors' claims.
In the weeks to come, it will seek approval from the Singapore court to extend the moratorium, it said.
"The moratorium will provide much-needed space and time for the IMS scheme companies to complete their business transformation from seaborne transportation of LPG/petrochemicals to regional distribution of LNG through its unique fast-track, low-capex small-scale LNG concepts (SSLNG)," it added.
