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NewOcean creditor scheme meeting dates at courts now ‘unrealistic’; delayed till further notice

04 May 2021

Hong Kong-listed NewOcean Energy Holdings Limited (NewOcean) on Monday (3 May) stated it will be delaying the scheduled creditor scheme meeting dates at the Hong Kong Court and the Bermuda Court till further notice.

Earlier in April, the company said it is rescheduling dates for hearings of its current court schemes, earlier scheduled to take place on 16 April, at the Hong Kong Court and the Bermuda Court to 7 May 2021 and 16 June 2021 respectively due to further amendments with creditors.

“Since several of the major terms and conditions of the New Court Scheme are still under negotiation between the Company and the major Scheme Creditors, the scheduled dates for the leaving hearing and sanction hearing of the New Court Scheme on 7 May 2021 and 16 June 2021 respectively becomes unrealistic,” it now states.

“Therefore, the Company applied to the Hong Kong Court to vacate those scheduled dates and further necessary application on leaving hearing and sanction hearing would be filed upon the completion of the New Court Scheme. The approval to vacate the Scheduled Dates has been granted by the Hong Kong Court on 3 May 2021.”

NewOcean, which operates an oil bunkering business, on 31 March reported net loss of HKD 2.366 billion (USD 304.3 million) for FY 2020.

Singapore bunkering publication Manifold Times in late April reported Deloitte Touche Tohmatsu (Deloitte) resigning as auditor of the Company with effect from 29 April 2021 due to outstanding significant supporting documents and information.

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: 4 May, 2021

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