CBL watershed meeting, liquidation deferred indefinitely

Voluntary administrators of New Zealand-based CBL Corporation have advised two creditors have applied to the High Court to further adjourn the watershed meetings of the group.

This comes as a consequence of the deferral of the liquidation hearing after one of CBL’s shareholders, Oceanic Securities, filed opposition to the application to liquidate CBL. The application has been deferred several times to allow negotiations to take place on a potential restructuring of the group.

A date has not yet been set for the liquidation hearing but the creditors and Oceanic have asked for a date after April 30, 2019. Meanwhile, the High Court has ordered the watershed meetings be held no later than 10 working days after the date of a decision in respect of the liquidation application.

“[I]t remains in the best interests of CBL Corporation’s creditors for the liquidation application filed by two of the company’s creditors to be determined before the watershed meeting is reconvened,” voluntary administrator Neal Jackson said. “The further extension of the date of the watershed meeting allows that to happen.”

The voluntary administrators added that the watershed meeting will not be required if the company is placed into liquidation.