• Follow Us On Our Preferred Social Media Platform:

NewOcean Energy defends against HSBC winding up petition, secures time for debt restructuring

16 Dec 2021

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”): 

  1. the Winding Up Petition be and is hereby adjourned to Friday, 8 April 2022 at 9:30 a.m. (Bermuda time); 
  2. the requirement to re-advertise the Winding Up Petition be and is hereby dispensed with; and 
  3. the costs of and incidental to the hearing of the Winding Up Petition are costs in the Winding Up Petition. 

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
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:  Agê Barros from Unsplash
Published: 16 December, 2021

Related News

Featured News

Our Industry Partners

  • argus

PR Newswire