Singapore bunker supplier Brightoil Petroleum (S'pore) Pte Ltd (Brightoil) will submit an application for approval of a six-month moratorium order at the Singapore High Court on 11 January 2019, announced its solicitors on Monday (24 December).
The moratorium order, to be applied under Section 211B of the Companies Act, seeks to protect the company against other forms of legal challenges while Brightoil undergoes restructuring.
According to the announcement, the moratorium states:
The intention to apply for a moratorium was discussed during a High Court session between legal representatives of Brightoil and Petrolimex Singapore Pte Ltd (Petrolimex) on 13 December.
A Pre Trial Conference (PTC) was later privately held between both parties on 19 December.
Petrolimex initiated a winding up application against Brightoil at the Singapore High Court on 23 November over more than USD $30 million owed by the latter.
Related: Singapore: Petrolimex v Brightoil case progresses to Pre Trial Conference
Related: Singapore: Petrolimex owed over USD $30 million by Brightoil
Related: Petrolimex in winding up application against Brightoil at Singapore High Court
Other related: Singapore: Players to get fuel oil cargoes back from Brightoil bunker tankers
Other related: Singapore: Brightoil bunker creditor list growing with new firms
Other related: Singapore: Toyota Tsusho Corporation seeking $21 million from Brightoil
Other related: Qatar National Bank seeks USD $21.59 million debt from Brightoil
Other related: Singapore: Brightoil bunker tanker fleet placed under Sheriff’s arrest
Other related: Media clarification: Brightoil has settled Sea Trader International’s debt
Photo credit: Manifold Times
Published: 24 December, 2018
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