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NewOcean Energy to ‘vigorously oppose’ HSBC initiated winding up petition

05 Nov 2021

Hong Kong-listed NewOcean Energy Holdings Limited on Thursday (4 November) announced further details regarding its opposition to the winding up petition filed against the company by Hongkong Shanghai Banking Corporation (HSBC).

NewOcean Energy Holdings reiterated the winding up petition is not an option after the group received a presentation from the Bermuda Court.

The company notes it has appointed an international law firm to attend and appear at the time of hearing to be held on Thursday (11 November).

It will “vigorously oppose” the winding up petition and take appropriate actions necessary to protect its shareholders, creditors and all parties concerned.

The group states it has been seeking legal advice to take further and other action to protect the company’s interest and the interest of shareholders as a whole and that of its creditors as a whole.

“In view of the possible impact of the winding up petition on the transfer of shares, the company is seeking legal advice as to the necessity of applying for a validation order for such transfer of share made after presentation of the winding up petition or a winding up order is made by the court,” it states.

Related: NewOcean receives winding up petition from HSBC over alleged USD 71.5 million debt
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
RelatedNewOcean Energy delays release of 2020 financial results; to be published by end June
RelatedNewOcean appoints Crowe as new auditors; replaces Deloitte Touche Tohmatsu
RelatedNewOcean creditor scheme meeting dates at courts now ‘unrealistic’; delayed till further notice
RelatedNewOcean 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: 5 November, 2021

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