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NewOcean: HSBC winding up petition proceedings adjourned to 25 Nov

23 Nov 2021

Hong Kong-listed NewOcean Energy Holdings Limited on Monday (22 November) has announced an update regarding the winding up petition filed against the company by Hongkong Shanghai Banking Corporations (HSBC).

The directors of the company said there was support from a number of lenders for the company to appoint joint provisional liquidators on a soft touch basis for debt restructuring to repay loan principle and interest.

However, on Friday (19 November)  due to insufficient court time, the proceedings were adjourned to Thursday (25 November 2021 at 2:30 p.m. (Bermuda time), it said.

The company states it 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.

Coverage of the events leading to the current development has been arranged by Singapore bunker publication Manifold Times (in descending date order) below: 

Related: NewOcean: Winding up petition hearing changed to 19 Nov due to ‘clerical error’
Related: NewOcean Energy to ‘vigorously oppose’ HSBC initiated winding up petition
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
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: Drew Beamer
Published: 23 November, 2021

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