Chinese private energy company Brightoil Petroleum has announced that it has reached settlement for the outstanding debts with creditor Petco Trading and other interested creditors in Hong Kong court proceedings relating to the wind-up petition against the company.
As a result of the settlement, the High Court of Hong Kong has granted the dismissal of the winding-up petition filed by Petco against the company.
Brightoil was hit by financial difficulties in 2019 and sold off its entire fleet of 15 vessels made up of five VLCCs, four aframax tankers and six bunkering vessels in order to increase liquidity.
The company is currently in the middle of a debt restructuring process after securing financing support from new investor China Huarong Overseas Investment.
