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High Court of Hong Kong orders winding up of NewOcean Energy Holdings Limited

16 Aug 2022

Hong Kong-listed NewOcean Energy Holdings Limited on Monday (15 August) said the High Court of Hong Kong on 8 August ordered the company to wind up.

This is following a winding up petition filed by Kuwait Petroleum Corporation (KPC) against the embattled company in Hong Kong on 12 April 2022.

According to an earlier NewOcean stock exchange filing published on May 13 2022, KPC was a liquefied petroleum gas (LPG) supplier for NewOcean’s wholly owned subsidiary Sound Agents Limited since 2011. 

NewOcean entered into sale and purchase agreements with KPC, including sale and purchase agreements dated 5 September 2019 and 2 March 2020. Under these contracts, NewOcean was to pay KPC for LPG supplies through an irrevocable documentary letter of credit.

However, in 2020, “the company’s bankers abruptly terminated credit lines to the company and its various subsidiaries, causing the company to default in paying KPC the penalties for breach of contracts as it was unable to issue letters of credit.”

The petition was scheduled to be heard at the Hong Kong High Court on 15 June 2022. 

NewOcean’s business segments include the sales and distribution of LPG, sales of electronic products, and its oil products business that includes its bunkering business.

In a separate case, the Court of Appeal for Bermuda on 26 July ordered NewOcean to wind up, while several individuals were ordered to continue acting as the Joint Provisional Liquidators of the company. 

This is following its battle against a winding up petition filed by Hongkong Shanghai Banking Corporation (HSBC). It was alleged in the winding up petition that the company had failed to satisfy the petitioner a total indebtedness in the sum of HKD 5,433,659.12 (USD 698,274) and USD 70,802,320 totalling approximately USD 71.5 million. 

Related: NewOcean receives winding up petition from HSBC over alleged USD 71.5 million debt
Related: NewOcean announces change of authorised representatives
Related: Court of Appeal for Bermuda orders winding up of NewOcean Energy Holdings Limited
Related: NewOcean announces change of address of HK Branch Share Registrar and Transfer office
Related: NewOcean: Winding up petition proceedings in court adjourned to 2 September
Related: NewOcean delays release of FY 2021 results, ‘catastrophic credit freeze’ amongst reasons
Related: NewOcean: Winding up petition proceedings in court adjourned to 27 July
Related: Hong Kong Stock Exchange issues trading resumption guidance to NewOcean Energy
Related: NewOcean appoints law firm to oppose petition at 15 June hearing
Related: NewOcean warns of trading halt of company shares on HKSE from 1 April onwards
Related: NewOcean delays release of FY 2021 results, postpones AGM to Sep 2022
Related: NewOcean Energy auditor tender resignation over disagreement of FY 2021 audit fee
Related: NewOcean company secretary and authorised representative resigns on HQ relocation
Related: NewOcean Energy loses second Executive Director on HQ relocation to China
Related: NewOcean Energy HQ relocates to mainland China, Executive Director resigns
Related: NewOcean Energy officially begins ‘soft touch’ debt restructuring process
Related: NewOcean Energy reshuffles lineup of Independent Non-executive Directors
Related: NewOcean Energy defends against HSBC winding up petition, secures time for debt restructuring
Related: NewOcean: Winding up petition proceedings at Bermuda court to continue on 14 December
Related: NewOcean Energy Holdings forecasts 87% decrease net loss on year for 1H2021
Related: NewOcean posts USD 479 million FY 2020 loss; possible downsize of oil business
Related: NewOcean Energy delays release of 2020 financial results; to be published by end June
Related: NewOcean appoints Crowe as new auditors; replaces Deloitte Touche Tohmatsu
Related: NewOcean creditor scheme meeting dates at courts now ‘unrealistic’; delayed till further notice
Related: NewOcean auditors resign due to significant outstanding documents & information
Related: NewOcean revises creditor scheme meeting dates at Hong Kong, Bermuda Courts due to ‘substantial’ amendments
Related: NewOcean records USD 304.3 million loss, portion of SG bunkering business to remain
Related: NewOcean Energy issues USD 304.8 million net loss warning ahead of FY 2020 results
Related: NewOcean proposal to adjourn court scheme meeting approved by creditors
Related: NewOcean creditors meeting application granted by Supreme Court of Bermuda
Related: NewOcean planning creditors meeting, foundation of debt restructuring plan laid out
Related: NewOcean records USD 174 million 1H 2020 loss; Singapore bunkering business remains
Related: NewOcean Energy publishes profit warning to shareholders ahead of 1H 2020 results
Related: NewOcean Energy records 66% bunker sales jump to 4.5 million mt in FY 2019

 

Photo credit: NewOcean Energy Holdings Limited
Published: 16 August, 2022

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