Hong Kong-listed Brightoil Petroleum Holdings on Tuesday (16 April) announced Dr Sit Kwong Lam, Chairman of the Board and Executive Director of the company, has left the office after being adjudged bankrupt by the High Court of Hong Kong on 11 April.
Dr Sit has also ceased to be the CEO of Brightoil Petroleum Holdings, a member of the Remuneration Committee, Nomination Committee and Executive Committee of the company and directors of the subsidiaries of the group.
“The Board has been informed that Dr. Sit intended to take all necessary actions and make an application to the High Court of Hong Kong to appeal against the Bankruptcy Order and seek reappointment as a director of the Company,” states Brightoil.
“The Board considers that the ongoing debt restructuring process of the Company will continue following the vacation of Dr. Sit as an executive director of the Company.”
Moving forward, it will consider suitable replacement candidate(s) for the position of the Chairman of the Board and CEO in an upcoming scheduled board meeting.
A chronologically organised list of articles concerning Brightoil’s potential debt reorganization is below:
Related: Hong Kong High Court issues bankruptcy order against Brightoil Chairman
Related: Brightoil aggregate debt has reached approximately $1.9 billion, it updates
Related: Brightoil creditor claims amount to US $250 million, potential debt reorganisation
Related: Brightoil to defend against winding up petition at Hong Kong court
Related: Singapore: Brightoil to apply for six-month moratorium order at High Court
Related: Brightoil oilfield project secures USD $700 million CNOOC funding
Related: Brightoil: Plans to sell Zhoushan oil storage terminal, 15 vessels
Related: Shell to offload crude oil cargo from arrested “Brightoil Lion” tanker
Related: Brightoil VLCC and Aframax tanker arrested at Singapore port
Related: Singapore: Players to get fuel oil cargoes back from Brightoil bunker tankers
Related: Singapore: Petrolimex v Brightoil case progresses to Pre Trial Conference
Related: Singapore: Brightoil bunker creditor list growing with new firms
Related: Singapore: Petrolimex owed over USD $30 million by Brightoil
Related: Brightoil signals return to the shipping sector, starts reorganisation of debt
Related: Singapore: Brightoil bunker tanker fleet placed under Sheriff’s arrest
Related: Singapore: Toyota Tsusho Corporation seeking $21 million from Brightoil
Related: Qatar National Bank seeks USD $21.59 million debt from Brightoil
Photo credit: Brightoil Petroleum (Holdings) Limited
Published: 17 April, 2019
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