Hong Kong-listed NewOcean Energy Holdings Limited (NewOcean) on Monday (12 April) said it is rescheduling dates for hearings of its current court schemes, earlier scheduled to take place on 16 April, at the Hong Kong Court and the Bermuda Court due to further amendments with creditors.
The court schemes, in summary, are meetings with the company’s creditors at the respective courts to discuss, among other things, the refinancing of loans advanced to the Group by banks and financial institutions.
“As the amendments will be substantial and will entail, among other things, changes to the composition of classes, thus the company applied to the Courts to withdraw the Court Scheme,” it explains.
To date, only the Hong Kong Court has granted leave for NewOcean to withdraw the court scheme.
A new court scheme incorporating the amendments is currently under preparation, it says.
The leave hearing and the sanction hearings for the new court scheme have now been scheduled on 7 May 2021 and 16 June 2021 respectively, and court dates have been reserved.
NewOcean, which operates an oil bunkering business, on 31 March reported net loss of HKD 2.366 billion (USD 304.3 million) for FY 2020.
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: NewOcean Energy
Published: 13 April, 2021
Transition to the IMO 2020 sulphur cap described as ‘smooth’; a negative effect on its shipping volume and cash flow is expected in May following the COVID-19 outbreak.
As ship queues for scrubber installation grow at Chinese repair yards, some members are now faced with delivery delays due to impact of the Novel Coronavirus outbreak.
Some traders think returning suppliers may struggle to compete on price, while others note medium-term regional politics could lead to changes, it said.
Cooperates in information exchange and R&D between MPA and Waterborne Transport Research Institute.
LNG marine fuel to be delivered to multipurpose vessels MV Kvitnos and MV Kvitbjørn.
The system would be overseen by the IMO and would involve charging a levy on carbon-intensive fuels and subsidising low- and zero-carbon fuels, it said.
OctamarTM HF-10 Plus was subjected to tests conducted at a third party lab by SGS Testing and Intertek in Singapore under the supervision of ClassNK earlier this year, according to spokeswoman.
Former Regional Marine Manager of BP Singapore issued penalty of SGD 6 million; he faces an additional 28-month imprisonment term if penalty is not paid, says Judge.
Sing Fuels claiming over total 1,049.29 metric tonnes of 380 centistokes bunker fuel delivered to bulk carrier Lila Shanghai at Port Elizabeth, South Africa in July 2019, according to court documents.
Reserve Stability Number results are ‘questionable’ as almost all additives targeting asphaltene management show effectiveness in the test, says spokesman.
Singfar International partnering Lianyungang Shenghua Shipbuilding to deliver 7,000 dwt DF bunker tankers from 2023 to support decarbonisation of the Singapore maritime industry.
GSM awarded USD 1.85 million as well as SGD 5,800; Judge finds SFM Director ‘ungrateful and dishonest in his dealings with Bernard and the plaintiff,’ according to Court Judgement seen by Manifold Times.
