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
“TNK Trading is another Rosneft subsidiary brokering the sale and transport of Venezuelan crude oil, which is subject to sanctions,” said U.S. Secretary.
In a company update, Brightoil said it is seeking professional advice for devising feasible plans to protect the interests of stakeholders, creditors and minority shareholders.
Reporting agency analyses Maersk’s marine fuel consumption strategy in preparation for the IMO 2020 transition.
While using oil tankers for floating storage is not new, the current surge in demand due to COVID-19 and plummeting oil prices give rise to unprecedented challenges.
China’s bonded bunker fuel sales settled at around 1.60 mln mt in the month, little changed from the previous month, JLC’s data showed.
Opportunities for geographical arbitrage were amplified by the uneven impact of COVID-19 in regions, while IMO 2020 created additional volatility in bunker fuel markets.
PetroSeraya appoints YTL PowerSeraya veteran See Yoong Hwee to drive its fuel tank leasing operations; together with Rafe Liam as Commercial Manager, they will spearhead the company’s initiatives.
‘This biofuel bunker delivery represents a new chapter for Eng Hua as we are now moving with the times towards the era of decarbonisation,’ Mike Sin, Director at Eng Hua, tells bunkering publication Manifold Times.
MPA has also asked Glencore to improve its internal procedures to ensure that prompt action is taken in future when it becomes aware of, or reasonably suspects, any irregularity in fuel quality, it states.
Dynamic Asset Investments Limited and Goldsland Holdings Co Ltd helped Vermont UM Bunkering maintain a “Cash Float” of about SGD 100,000 to facilitate “buyback” bunker transactions at Singapore port.
Senior Cargo Officer gained SGD 48,800 worth of commission from “buyback” bunker transactions and illegally obtained SGD 410,712.257 by cheating Vermont, a Singapore court heard on Thursday (21 July).
Firm hopes to leverage partnership in Greece as a springboard to expand into neighbouring and overseas markets including Europe and China, says Robin Van Elderen, Regional Head Bunkers, Europe, Sing Fuels.
