Hong Kong-listed Brightoil Petroleum (Holdings) Limited (Brightoil) on Wednesday (12 June) issued an update on its winding-up petitions at Hong Kong and Singapore, and the sale of vessels.
The troubled company will be facing a winding-up petition at the High Court of Hong Kong on 17 July; a petitioner is seeking US $25,684,013.27 together with late payment charges and costs, which arose from a deed of settlement dated 1 June 2018.
At Hong Kong, Brightoil also faces an addendum to the deed of settlement entered into between the company, petitioner and Brightoil Petroleum (S’pore) Pte. Ltd. (Brightoil Singapore).
“As such, the Company wishes to remind its shareholders and potential investors that as the Petition was presented to the High Court of Hong Kong on 17 May 2019, the transfer of the shares of the Company made thereafter would be void without a validation order from the High Court of Hong Kong, unless the Petition has been struck out, dismissed or permanently stayed.”
At Singapore, Brightoil Singapore has applied for a moratorium under section 211B of the Singapore Companies Act to restrain legal action or proceedings against Brightoil Singapore and Brightoil; the moratorium has been extended until 2 July 2019.
Sale of vessels
Brightoil, meanwhile, says it has raised a total sum of approximately US $201,584,000 from the sale of four vessels to repay the liabilities of the group.
The Brightoil Glory was sold for USD$58,775,575 on 17 May; the Brightoil Gravity was sold for KRW 72,440,000,000 on 4 June; the Brightoil Lion was sold for SG $36,608,000 on 4 June; the Brightoil Grace was sold for SG $75,106,063 on 4 June.
“The Company anticipates that the rest of the tanker fleet of the Group will continue to be disposed with the proceeds to be applied further for satisfaction of the liabilities of the Group so as to resolve the actions relating to the Petition and the Application.”
A chronologically organised list of articles concerning Brightoil’s potential debt reorganization is below:
Related: Dr Sit Kwong Lam returns to Brightoil as Strategic Adviser
Related: Brightoil Petroleum announces new Chairman and acting CEO
Related: Brightoil former Chairman undertook $1.4 billion in personal guarantees
Related: Official: Dr Sit Kwong Lam leaves Brightoil Petroleum Holdings
Related: Hong Kong High Court issues bankruptcy order against Brightoil Chairman
Related: Brightoil aggregate debt has reached approximately $1.9 billion, it updates
Related: Brightoil creditor claims amount to US $250 million, potential debt reorganisation
Related: Brightoil to defend against winding up petition at Hong Kong court
Related: Singapore: Brightoil to apply for six-month moratorium order at High Court
Related: Brightoil oilfield project secures USD $700 million CNOOC funding
Related: Brightoil: Plans to sell Zhoushan oil storage terminal, 15 vessels
Related: Shell to offload crude oil cargo from arrested “Brightoil Lion” tanker
Related: Brightoil VLCC and Aframax tanker arrested at Singapore port
Related: Singapore: Players to get fuel oil cargoes back from Brightoil bunker tankers
Related: Singapore: Petrolimex v Brightoil case progresses to Pre Trial Conference
Related: Singapore: Brightoil bunker creditor list growing with new firms
Related: Singapore: Petrolimex owed over USD $30 million by Brightoil
Related: Brightoil signals return to the shipping sector, starts reorganisation of debt
Related: Singapore: Brightoil bunker tanker fleet placed under Sheriff’s arrest
Related: Singapore: Toyota Tsusho Corporation seeking $21 million from Brightoil
Related: Qatar National Bank seeks USD $21.59 million debt from Brightoil
Photo credit: Brightoil Petroleum (Holdings) Limited
Published: 12 June, 2019
The bunker player at Hong Kong and Chinese ports shares with Manifold Times what local shipping sectors went through during the early days of COVID-19 and how business is resuming.
April bunker sales results released on Wednesday caught several players, who expected volume to fall due to lower international trade and COVID-19, by surprise.
‘OTPL has a strong group of employees who have the requisite expertise and experience in ship chartering and management, which has commercial value and should be kept intact.’
Company believes market and business partners ‘likely to have greater confidence and comfort in continuing business dealings’ if placed under judicial management, says Director.
Panellists covered several marine fuel related topics including bunker fuel quality testing, COVID-2019, and long term storage of VLSFOs experienced during the first 100-day period.
Latest development alleges Chua Chin Lan facing total debt of approximately USD 5 million due to personal guarantees undertaken with Innovek and Global Energy Trading.