Brightoil Petroleum (Brightoil) Holdings Limited on Tuesday (27 October) published a company update stating it will continue to seek professional advice, and devise feasible plans, including considering the feasibility of a privatisation, to minimise the impact of the delisting to its including creditors and minority shareholders.
Brightoil said the operations of the company remain after the delisting and the management is of the view that the upstream business will continue to be the major focus of the company’s future development.
It added that the Board will work diligently to complete its current debt restructuring initiatives and continue to finalise and complete audited financial statements for Brightoil and its subsidiaries for the years ended 30 June 2018, 2019 and 2020.
Brightoil noted it is currently working closely with its auditors HLB Hodgson Impey Cheng Limited to ensure that the financial reports could be released as soon as practicable.
Brightoil announced on 11 September 2020 that a creditor filed with the High Court of Hong Kong Special Administrative Region (High Court) for the winding up of the company in relation to an alleged unpaid sum pursuant to a deed of guarantee allegedly signed by Brightoil.
Bright oil said the Petitioner and Brightoil had reached a settlement on Tuesday, 20 October 2020 and filed a Consent Summons with the High Court for the dismissal of the Petition. Once the court order is granted, the Petition will be dismissed, it added.
Related: HKSE: Brightoil Petroleum Holdings shares to be cancelled from 20 October, 2020
Related: Brightoil Petroleum Holdings responses to cancellation of company shares on HKSE/
Related: Brightoil Petroleum publishes notice regarding winding-up application filed by creditor
Photo credit: Brightoil Holdings Limited
Published: 29 October, 2020
‘Ecoslops is proud to be able to count on the EIB and its teams to support it in its European development.’
The 75,000 m3 capacity facility will also be used for slop collection and firm's EMSA oil response work.
“There is significant potential for fuel and emissions reduction in Ro-Ro ships as they are normally on fixed routes,” says Senior Vice President of Sales at Corvus.
1.5 billion dollar port is equipped with eight tanks, totalling a holding capacity of 51,000 cubic metres of bunkering services; Liberian oil tanker Melody the first to berth at port for bunkering.
PDS creditors required to send in their names and addresses, with particulars of their debts and claims to Deloitte Singapore on or before 5 January 2021.
Made possible with EUR 3 million investment two years ago into the production logistics facilities at Petrobrazi; first delivery at Port Constanța.
‘We need to keep in mind the saying “penny wise pound foolish”,’ says Captain Rahul Choudhuri, the Managing Director AMEA at VPS, who stresses on the essential role of the Bunker Surveyor.
Legal representatives met at the High Court on Tuesday to discuss the discharge of KPMG liquidators from all liability in respect of conduct in the course of winding up, show court documents.
Global sentence adjusts to 80 month’s imprisonment term for both Chang and Koh under application of the Masui sentencing framework; fine of SGD 6.2 million against Chang remains unchanged.
Company has been ranked EIGHTH for 2020; ‘we are humbled and proud to be placed amongst the top ten winners of the Enterprise 50 Awards,’ says Satnam Singh, COO, Sing Fuels.
Mads Bjornebye, Manager of Bunker Services at Teekay Tankers Ltd, shares about the company’s perspective of e-BDNs, bunker purchasing & planning tools, while offering his thoughts on future marine fuels.
Maritime sector may find it increasingly challenging to manage bunker prices, Dennis Ho, Managing Director at ElbOil Singapore tells Singapore bunkering publication Manifold Times.
