Hong Kong-listed oil and bunkering firm Brightoil Petroleum Holdings on Friday (11 September) said it received a winding-up notice on 29 July 2020 regarding a petition filed by a creditor with the Court of First Instance of the High Court of the Hong Kong Special Administrative Region.
The application is in relation to an alleged unpaid amount of USD 268,095.42 (comprising the principal sum of USD 259,356 and default interest of USD 8,739.42), pursuant to a deed of guarantee allegedly signed by the company, it said.
Brightoil added that it is in the course of seeking legal advice in relation to the application, and given the amount involved, it is confident that the claim could be “resolved and withdrawn shortly”.
In its recently published audited financial results for the financial year (FY) ended 30 June 2017, where the company “recorded an increase in gross profit of HK$365 million or 18% increase as compared with the previous year”.
Brightoil attributed the increased gross profit to its core business segment which is International Trading and Bunkering.
Trading of Brightoil’s shares on the Stock Exchange has been suspended since 3 October 2017.
A full copy of Brightoil’s 2017 Annual Report is available here.
Earlier developments of Brightoil (since late 2017 to date) can be found in the search results here.
Related: Brightoil Petroleum Holdings publishes audited financial results for FY2017
Related: Brightoil release of outstanding financial results delayed by COVID-19
Related: Brightoil publishes unaudited financial results for FY 2017, 2018, 2019
Photo credit: Manifold Times
Published: 14 September, 2020
GP Global is focusing on making some redundancies in lesser performing areas of its business and talking with banks and creditors for ways to return to normal operations, it said.
ExxonMobil’s Antwerp refinery undergoes maintenance; Gibraltar and Algeciras suffer massive congestion; Swedish dockworkers to block Russian vessels and cargo.
Apex Chemicals will be re-packaging and selling certain Infineum products under its own brand renamed as AFT-B201, AFT-B111 and AFT-R671.
“Dragsvik” will join first sister vessel “Hella” that is already in operation on Norled’s Hella-Vangsnes-Dragsvik connection in Norway, says Sembcorp Marine.
Liquidator was appointed for the company at an extraordinary general meeting held on Tuesday (13 September) according to Government Gazette notice.
Eight candidates standing for the IBIA Board Elections 2019, which is open for voting until 14 February.
Integr8 Fuel injunction varied by Singapore Court to allow former employees to start work at Hartree Group in December 2022 following failure to produce evidence on biofuels development plans.
Variability of sources can affect the stability and performance of biofuel bunkers produced from these feedstocks, in turn leading to difficulties in meeting regulations and industry standards, shares Bryan Quek.
Top three positive movers in 2022 were Bunker House Petroleum Pte Ltd (+7), Eastpoint International Marketing Pte Ltd (+5), and Eng Hua Company (Pte) Ltd (+6); newcomer Sinopec Fuel Oil (Singapore) gets 19th spot.
Livestock carrier also involved in earlier bunker claim with Glander International Bunkering due to remaining unpaid fuel bill of approximately USD 116,000, according to court documents obtained by Manifold Times.
A blend of standard MGO and biodiesel, MGO B20 is distributed at the company’s floating kiosk CNC 5 which is located off the buoy of West Coast Pier; PS Energy has been stamped with globally recognised ISCC.
Desmond Chong, Managing Director of Kenoil Group, informs on the company’s contribution towards the methanol bunkering value chain in a project to establish Asia’s green e-methanol plant in Singapore.
