Greater ChinaOperations

Wind-up petition against Brightoil dismissed

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.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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