Contrary to some reports, the court is yet to sanction any ‘out-of-court settlement’ with the management of the embattled Pan Ocean Group, an oil and gas company over its indebtedness of N240 billion, the Asset Management Corporation of Nigeria has disclosed.Communications, Mr. Jude Nwauzor.“Recall that Hon. Justice A.M. Liman in suit No.
“The order also mandated AMCON to take over the property lying and situate at No. 33b, Adebayo Doherty Street, off Admiralty Way Lekki Phase One in Lagos State as well as the property lying and being specifically known as FF Towers, Plot 13/14 Ligali Ayorinde Avenue, Victoria Island, Lagos and a host of other assets. The court also granted an order appointing AMCON as a Receiver Manager .
“As a result of the takeover, Pan Ocean and its promoters have been in on-going discussions with AMCON to see how to amicably resolve the debt through a settlement framework, which is yet to be presented to the court.”
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