Hong Kong-listed NewOcean Energy Holdings Limited (NewOcean) on Thursday (10 December) said it is planning a meeting of creditors to discuss, among other things, the refinancing of loans advanced to the Group by banks and financial institutions.
The application for the creditors meeting has already been granted by the High Court of Hong Kong Special Administrative Region on 10 December; the similar application will be heard at the Supreme Court of Bermuda on 11 December.
Once approved, the creditors meeting is scheduled to be held on 18 January 2021.
The creditors meeting is part of active measures to mitigate the liquidity pressure and the financial position of the Group after being adversely affected by the Hin Leong incident, record low oil prices, and Covid-19 pandemic during the first half of 2020, according to the company.
Events above resulted in six of NewOcean’s principal trade banks withdrawing facilities starting around April 2020; leading to the Group incurring a USD 174 million loss for 1H 2020 and being unable to fulfil certain bank covenants relating to certain bank loans.
To date, NewOcean has entered discussions with banks representing approximately over 58% of its offshore loans to develop the foundation of a debt restructuring plan aiming at a global arrangement between the Group and all its off-shore lenders.
The debt restructuring will be achieved through approval of the scheme(s) of arrangement by the relevant Courts in Hong Kong and Bermuda, or if earlier by all existing off-shore lenders of the Group, it said.
Further details of the development are available from the Hong Kong Stock Exchange announcement here.
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
Photo credit: NewOcean Energy Holdings
Published: 11 December, 2020
Services to reduce risk of excessive BAFs, better control over fuel portion of ocean freight rate.
‘Over 30 different companies have submitted deals since we launched the new methodology in June,’ it says.
The dry bulk shipping arm of Thoresen Thai Agencies filed for claims over vessel damages in January, due to alleged off-spec marine fuel and breach(es) of contract.
Company recorded net profit of $127.7 million in 2018 compared to net loss of $170.2 million in 2017.
The committee calls for immediate governance enhancements to remedy board dysfunction.
This is the second Uni-Tanker vessel to join Bunker One as earlier this year M/T Amak Swan commenced fuel delivery operations in Sweden, said Bunker One.
‘We are here to transfer the extremely valuable knowledge gained over the past six years to the maritime sector, such that our customers are comfortable in the use of such biofuels,’ states CEO Olivier Baiwir.
Newly appointed Anthony Mollet speaks to Manifold Times about his role, vision, value proposition and plans for the Marine Fuels Alliance to become a wide-reaching and engaging bunkering industry association.
SFP will be retrofitting VPT’s existing bunker vessel with its Full Electric Ready (FER) system and seeks to commission the vessel in the second quarter of 2022, CEO of SFP George Lee tells Manifold Times.
Equatorial Marine Fuel Management Services, Oldendorff Carriers, Lloyd’s Register and organisers took part in a Bunker Quality Claims Webinar moderated by Manifold Times on 10 November.
‘Though it did introduce temporary commercial and operational disruptions, we took a constructive view of the situation and chose to use this event as a learning opportunity,’ shares a Consort Bunkers spokesperson.
Gealubes Consulting & Trading, the authorised marine business distributor of PANOLIN EALs at Singapore port, shares a two-part education series on Environmentally Acceptable Lubricants on Manifold Times.
30 Nov 2021
