Brightoil Petroleum (S’pore) Pte. Ltd., a wholly-owned subsidiary of Hong Kong-listed Brightoil Petroleum (Holdings) Limited, on Thursday (14 May) signed a settlement agreement with Petrolimex Singapore Pte Ltd (Petrolimex) to satisfactorily resolve all debts, it said.
The former Chairman and Executive Director of Brightoil Dr. Sit Kwong Lam was adjudged bankrupt by the High Court of Hong Kong on 11 April 2019 due to a debt of over USD 30 million owed by Brightoil Petroleum (S’pore) Pte. Ltd. to Petrolimex under a personal guaranteed by Dr. Sit.
The development, in addition to other negotiations to date, has resulted in Brightoil reaching settlement agreements with several creditors including:
In addition, both Brightoil Petroleum (S’pore) Pte. Ltd. and its parent firm have entered into loan restructuring agreements with the Bank of China Limited, Shenzhen Branch and China Huarong Overseas Investment Holding Co., Ltd, it updates.
China Huarong Overseas Investment Holding Co., Ltd. had provided a total amount of approximately USD 362 million in re-financing for periods of five to twelve years for various of Brightoil’s wholly owned subsidiaries at the end of 2019 for acquiring and restructuring purposes.
The investment firm provided a further USD 30 million in loan financing on 19 May 2020 to support Brightoil’s operation and for repayment of some outstanding debts; this provided “strong support” for Brightoil’s debt restructuring and operations during the epidemic, said the company.
“With satisfactory resolution of the debts relating to the majority of the creditors to which Dr. Sit had provided personal guarantee, it is expected that this will help expedite the resolution of Dr. Sit’s bankruptcy proceedings,” it states.
Dr Sit undertook personal guarantees worth a total of approximately US $1.4 billion for Brightoil.
Earlier developments of Brightoil (since late 2017 to date) can be found in the search results here.
Photo credit: Manifold Times
Published: 20 May, 2020
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