Hong Kong-listed NewOcean Energy Holdings Limited on Friday (10 December) released an update regarding the winding up petition filed against the company by the Hongkong Shanghai Banking Corporation (HSBC).
The directors of the company said there was continued support from a number of lenders to appoint joint provisional liquidators on a soft touch basis for debt restructuring to repay loan principal and interest.
However, on Thursday (9 December), due to insufficient court time, the proceedings were further adjourned to 14 December 2021 (Bermuda time).
NewOcean Energy noted it will make further announcement(s) as and when appropriate and will also keep its shareholders and potential investors informed of any material development in relation to the winding up petition.
Related: NewOcean: HSBC winding up petition proceedings adjourned to 25 Nov
Related: NewOcean: Winding up petition hearing changed to 19 Nov due to ‘clerical error’
Related: NewOcean Energy to ‘vigorously oppose’ HSBC initiated winding up petition
Related: NewOcean receives winding up petition from HSBC over alleged USD 71.5 million debt
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
Webinar will offer delegates insights on the prevention of operational issues when using VLSFOs, along with an update on biofuels and bunker fuel quality trends for 2021 and its forecast for the current year.
Heating VLSFOs to prevent cold flow issues causes issues related to distillate ageing, and there is a gentle balance to be maintained when handling the product.
Research into n-paraffin distribution of VLSFOs has shown that they not only differ from MGO, but significantly differ from each other as well, states bulletin.
Bunker Holding and Dan-Bunkering have decided not to appeal the city court ruling in the case where the companies were on trial for breaching EU sanctions against Syria, states USTC.
Poll shows market participants think Singapore’s future as a bunkering hub in the near term will be impacted most by growth in alternative bunker fuels and intensifying competition from other ports in Asia.
‘We will now take the necessary time to consider and evaluate the verdict and the premises of the verdict thoroughly before making any decision of whether to appeal to a higher court,’ informs company.