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NewOcean revises creditor scheme meeting dates at Hong Kong, Bermuda Courts due to ‘substantial’ amendments

13 Apr 2021

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

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