Singapore bulker owner Mercator Lines will be run by its court-appointed manager for another 90 days.
Yit Chee Wah of FTI Consulting was brought in in January at the request of German creditor HSH Nordbank.
The latest decision will keep the judicial manager at Mercator's helm until 29 January 2017.
The shipping company’s fleet is being sold off to serve debts and its parent, Indian owner Mercator Ltd, agreed to sell its 66.17% stake for a token SGD 3 ($2.15).
Banks have been putting pressure to offload around six vessels owned by Mercator in order to repay debt.
