Hong Kong-listed Agritrade Resources has announced that the company has received two petitions, filed by two creditors at the Supreme Court of Bermuda, to wind up the company.
The creditors, TA Genco and TA Private Debt III, claimed that Agritrade has failed to repay $50.77m and $152.4m of monies owed to them respectively.
The summons will be heard at the court on May 20, and in the meantime Agritrade said it is seeking legal advice on the matter.
Agritrade mainly engages in energy trading and shipping. Its shipping subsidiary Sea Oriental Lines currently has one tanker, Sea Longitude, in its fleet after the company sold off its VLCCs over the past two years.