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NewOcean: Winding up petition proceedings at Bermuda court adjourned to early July

13 May 2022

Hong Kong-listed NewOcean Energy Holdings Limited, a firm which includes bunker fuel trading and supply operations as part of business activities, on Wednesday (11 May) released an update regarding the winding up petition filed against the company by the Hongkong Shanghai Banking Corporation (HSBC).

Pursuant to the court order issued by the Supreme Court of Bermuda Companies (winding up) Commercial Court on 9 May 2022 (Bermuda time), the followings are the major decisions made by the judge: 

  1. the Winding Up Petition is adjourned to Friday, 8 July 2022 at 9:30 a.m. (Bermuda time); 
  2. the Company to provide joint provisional liquidators (JPLs) the required information and documents for the restructuring purpose and to arrange meetings with potential investors pursuant to any request of JPLs; and 
  3. an update of the disclosure of information and documents by the Company to the JPLs will be reviewed by the Court on Friday, 10 June 2022 at 10:30 a.m. (Bermuda time)

Related: NewOcean Energy loses second Executive Director on HQ relocation to China
Related: NewOcean Energy HQ relocates to mainland China, Executive Director resigns
Related: NewOcean Energy officially begins ‘soft touch’ debt restructuring process
Related: NewOcean Energy reshuffles lineup of Independent Non-executive Directors
Related: NewOcean Energy defends against HSBC winding up petition, secures time for debt restructuring
Related: NewOcean: Winding up petition proceedings at Bermuda court to continue on 14 December
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
Related: NewOcean Energy delays release of 2020 financial results; to be published by end June
Related: NewOcean appoints Crowe as new auditors; replaces Deloitte Touche Tohmatsu
Related: NewOcean creditor scheme meeting dates at courts now ‘unrealistic’; delayed till further notice
Related: NewOcean 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: Eric Rothermel from Unsplash
Published: 13 May, 2022

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