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Hong Kong: Brightoil reaches settlement with Petco Trading Labuan

13 Aug 2019

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

Published: 13 August, 2019

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