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.
Photo credit: NewOcean Energy Holdings
Published: 11 December, 2020
‘The acquisition of PGI Industries will enhance VPS’ preventative maintenance services offered to the power sector, increasing protection and sustainability of the asset,’ says Malcolm Cooper, CEO, VPS.
A foreign vessel was involved in an alleged unauthorised STS incident with bunker tanker Pearl Melody on 5 June, Director and General Manager of Consort Bunkers tells Manifold Times.
There are few critical questions needed to be answered by the industry, finds authors of the Nanyang Technological University funded study Bio-LNG – Its Role in Shipping Decarbonisation.
‘Coming here for me is a great opportunity to supervise and drive future developments which could shape our new operations within the Asian region,’ Alex Lyra tells Singapore bunkering publication Manifold Times.
UOB has started admiralty proceedings against 40 of Maersk Tankers’ ships for alleged misdelivery of cargo; informs it may take action against the vessels – unless security is provided.
Singfar embarks on plans to put it in good stride to support Singapore and global road to maritime decarbonisation by 2030/2050, shares Pai Hong Yao, Managing Director of Singfar.