Hong Kong-listed NewOcean Energy Holdings Limited on Tuesday (21 December) officially started its “soft-touch” debt restructuring process with the appointment of FTI Consulting (Hong Kong) Limited as its joint provisional liquidators (JPLs).
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.
The company, which also manages bunkering operations at Singapore, received the outcome of proceeding in Bermuda Court on Monday (20 December).
Under the Order, notwithstanding section 166 of the Companies Act, NewOcean Energy is permitted to operate bank accounts under its name, and the company is permitted to register the transfer of its fully paid shares.
“Under Bermudian law, for so long as the JPLs are appointed to the Company, no suit, action or other proceeding, including criminal proceedings, shall be proceeded with or commenced against the Company except with the leave of the Bermuda Court and subject to such terms as the Bermuda Court may impose,” it states.
“The Directors welcome the Order and consider that it will help to preserve the operations, assets and value of the Company, and that it is in the best interests of the shareholders, the creditors and other stakeholder of the Company.
“As required under the Order, the JPLs and the Board shall seek to agree a protocol which sets out the terms upon which the JPLs and the Board shall cooperate with respect to the management of the Company.”
Related: NewOcean Energy reshuffles lineup of Independent Non-executive Directors
Related: NewOcean Energy defends against HSBC winding up petition, secures time for debt restructuring
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: Scott Graham on Unsplash
Published: 22 December, 2021
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