B[\dropcap]rightoil Petroleum (Holdings) Limited said last month it is now “back in business,’’ having reached a settlement with the Vietnam-based trader Petrolimex which initiated a bankruptcy order against Brightoil over a $30 million debt.
In a statement sent to Bunkerspot, Brightoil said that the “satisfactory resolution to the debts settlement’’ will lead to a resolution of the bankruptcy status of the company’s founder, Dr Sit Kwong Lam.
Brightoil also reported that it has entered into loan restructuring agreements with Bank of China Limited and China Huarong Overseas Investment Holding Co Ltd.
According to Brightoil, “China Huarong Overseas Investment Holding Co Ltd, had invested about $362 million in re-financing for a period of five to 12 years in 2019 to acquire some of the Company’s liabilities.
A further $30 million in loan financing to support the company’s operation and repayment of outstanding debts was rendered on May 19. This provided “strong’’ support for the company’s debt restructuring and operations during the epidemic,’’ the company said.
As previously reported by Bunkerspot, trading in Brightoil shares has been suspended on the Hong Kong Stock Exchange and Brightoil’s 15-strong fleet of vessels was sold at auction to meet debts.
About Brightoil Petroleum
Brightoil Petroleum Holdings Ltd, formerly First Sign International Holdings Ltd, is an investment holding company principally engaged in the oil and gas exploration, development, production and distribution. The company operates its business through four segments. The international trading and bunkering operation segment engages in the international supply of petroleum products and provision of marine bunkering and related services to international vessels. The upstream natural gas business segment engages in the natural gas development, production and sales operation. The marine transportation operation segment engages in the provision of marine transportation services of fuel oil or crude oil. The upstream crude oil business segment engages in the crude oil development, production and sales operation.
The company also engages in the oil storage and terminal facilities as well as e-commerce business.
(from wire reports)