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NewOcean receives winding up petition from HSBC over alleged USD 71.5 million debt

02 Nov 2021

Hong Kong-listed NewOcean Energy Holdings Limited on Monday (1 November) said a winding up petition against the company was presented to the Bermuda Court by the Hongkong and Shanghai Banking Corporation Limited (HSBC) on 22 October.

An official hearing for the winding up petition has been scheduled at the Bermuda Court on Friday (19 November) at 11:30 am (Bermuda Time).

It was alleged in the Winding Up Petition that the company had failed to satisfy the petitioner a total indebtedness in the sum of HKD 5,433,659.12 (USD 698,274) and USD 70,802,320 totalling approximately USD 71.5 million. 

The winding up petition stated that the amounts were owed pursuant to a facility letter dated 21 January 2020 entered into, among others, by Sound Agents Limited and NewOcean Resources (Singapore) Pte. Ltd. and guaranteed by the company.

NewOcean notes it has been taking advice from counsel and separate legal teams and considers that it has legitimate grounds to oppose the winding-up petition. Instead of winding up, several scheme creditors have already expressed their preference for debt restructuring. 

Therefore, the company will vigorously oppose the winding up petition and take all other actions as deemed necessary to protect the company’s interest and the interest of its shareholders as a whole and that of its creditors as a whole,” it states.

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: HSBC
Published: 2 November, 2021

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