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Brightoil settles debts with Petco Trading and other creditors in winding up petition

28 Jul 2020

Brightoil Petroleum (S’pore) Pte. Ltd., a wholly-owned subsidiary of Hong Kong-listed Brightoil Petroleum (Holdings) Limited, on Monday (27 July) said it has successfully reached settlement on the outstanding debts with Petco Trading Labuan Company Ltd (Petco) and other interested creditors in the Hong Kong court proceedings. 

On Monday, the High Court of Hong Kong granted the dismissal of the winding-up petition earlier filed by

Petco against the company on 17 May 2019, it said. 

The company added that trading of its shares on the Hong Kong Stock Exchange has been suspended since 3 October 2017 pending the publication of its Outstanding Financial Results, and will remain suspended until further notice. 

Earlier developments of Brightoil (since late 2017 to date) can be found in the search results here.

Photo credit:
Manifold Times
Published: 28 July, 2020

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