Creditors are to produce proofs of debt to liquidators Acres Advisory Private Limited by 25 February 2022, according to latest notice on the Government Gazette.
Creditors meeting aims to receive a statement of the company’s affairs together with the list of creditors and the estimated amounts of their claims.
Oil tanker special purpose vehicles will be wound up voluntarily and a provisional liquidator has been appointed for winding up the companies.
Sanctions applied after refusal by Brightoil to comply with repeated requests by HKEX to publish an announcement regarding the cancellation of its listing, it said.
Following its delisting, Brightoil has decided to focus on its upstream business and have made structural changes to better develop the company in that direction.
Legal cases in Singapore court due to the company’s arrested vessels were completed as of end of September 2020. It shares in an operational update.
Shenzhen Yan Tian Port Holdings to subscribe 90% of shares in Brightoil Petroleum Group Co. Ltd. (HK Brightoil) through capital injection of USD 396 million.
The company is engaging in preliminary negotiations with Landoil (S’pore) Pte Ltd and both parties have entered into a non-binding MOU for the transaction, it said.
The petitioner and Brightoil reached consent and the petition was subsequently dismissed by an order from the High Court of Hong Kong on Monday, 9 November.
In a company update, Brightoil said it is seeking professional advice for devising feasible plans to protect the interests of stakeholders, creditors and minority shareholders.
