Hong Kong-listed NewOcean Energy Holdings Limited on Wednesday (15 December) made an announcement regarding the winding up petition filed against the company by Hongkong Shanghai Banking Corporation (HSBC).
The Directors wish to update that, the adjourned proceeding in Bermuda relating to the Company’s application for the appointment of joint provisional liquidators on a soft touch basis for debt restructuring purposes concluded on 14 December 2021 (Bermuda time).
Debt restructuring under a “soft-touch” basis usually involves a stay of proceedings against the company (i.e. so actions cannot be taken by individual creditors) and the appointment of provisional liquidators with limited powers to enable the company to undertake a business restructuring.
Pursuant to the draft order to be issued by the Supreme Court of Bermuda Companies (winding up) Commercial Court (the “Court”):
The Company will make further announcement(s) as and when appropriate and will also keep its shareholders and potential investors informed of any material development in relation to the winding up petition.
Related: NewOcean: Winding up petition proceedings at Bermuda court to continue on 14 December
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Related: NewOcean posts USD 479 million FY 2020 loss; possible downsize of oil business
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Related: NewOcean appoints Crowe as new auditors; replaces Deloitte Touche Tohmatsu
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