Hong Kong: Brightoil reaches settlement with Petco Trading Labuan

Hong Kong-listed Brightoil Petroleum (Holdings) Limited (Brightoil) on Friday (9 August) said it has successfully reached a settlement agreement with creditor Petco Trading Labuan Company Ltd (Petco) over winding up petition in Hong Kong.

The winding up petition, originally to be heard on 22 July 2019 at the High Court of Hong Kong, was vacated and adjourned to a date to be fixed in consultation with counsel’s diaries.

“The consent to adjourn was achieved through the Company’s continuous negotiations with its creditors which have resulted in a settlement agreement entered into between Petco and the Company on 7 August 2019,” stated Brightoil.

The legal proceedings against Brightoil Singapore (S’pore) Pte. Ltd. was last heard at the High Court of Singapore on 8 August 2019; it resulted in an extension of the moratoria to allow time for the company to execute debt restricting activities until 30 September 2019.

A chronologically organised list of articles concerning Brightoil’s potential debt reorganization is below:

Related: Brightoil: Third quarter update on business ops and resumption process
Related: Brightoil provides updates on winding up petitions at SG, HK courts
Related: Brightoil: Independent non-executive Directors leave over audit review
Related: Brightoil issues update on winding-up petition and sale of vessels
Related: Dr Sit Kwong Lam returns to Brightoil as Strategic Adviser
Related: Brightoil Petroleum announces new Chairman and acting CEO
Related: Brightoil former Chairman undertook $1.4 billion in personal guarantees
Related: Official: Dr Sit Kwong Lam leaves Brightoil Petroleum Holdings
Related: Hong Kong High Court issues bankruptcy order against Brightoil Chairman
Related: Brightoil aggregate debt has reached approximately $1.9 billion, it updates
Related: Brightoil creditor claims amount to US $250 million, potential debt reorganisation
Related: Brightoil to defend against winding up petition at Hong Kong court
Related: Singapore: Brightoil to apply for six-month moratorium order at High Court
Related: Brightoil oilfield project secures USD $700 million CNOOC funding
Related: Brightoil: Plans to sell Zhoushan oil storage terminal, 15 vessels
Related: Shell to offload crude oil cargo from arrested “Brightoil Lion” tanker
Related: Brightoil VLCC and Aframax tanker arrested at Singapore port
Related: Singapore: Players to get fuel oil cargoes back from Brightoil bunker tankers
Related: Singapore: Petrolimex v Brightoil case progresses to Pre Trial Conference
Related: Singapore: Brightoil bunker creditor list growing with new firms
Related: Singapore: Petrolimex owed over USD $30 million by Brightoil
Related: Brightoil signals return to the shipping sector, starts reorganisation of debt
Related: Singapore: Brightoil bunker tanker fleet placed under Sheriff’s arrest
Related: Singapore: Toyota Tsusho Corporation seeking $21 million from Brightoil
Related: Qatar National Bank seeks USD $21.59 million debt from Brightoil

Published: 13 August, 2019