Diverse times | Brightoil reaches settlement agreement with Petrolimex on its $ 30 million debt
Brightoil Petroleum (S’pore) Pte. Ltd., a wholly-owned subsidiary of Hong Kong-listed Brightoil Petroleum (Holdings) Limited, signed a settlement agreement with Petrolimex Singapore Pte Ltd (Petrolimex) on Thursday (May 14) to settle all debts satisfactorily, it said.
the former Brightoil Chairman and CEO Dr. Sit Kwong Lam was declared bankrupt by the High Court of Hong Kong on April 11, 2019 for a blame of over US $ 30 million, Brightoil Petroleum (S’pore) Pte. Ltd. to Petrolimex under the personal guarantee of Dr. Sit.
The development, in addition to other previous negotiations, has resulted in Brightoil entering into settlement agreements with several creditors, including:
- Toyota Tsusho Corporation
- Broad Action Limited
- Luso International Banking Ltd.
- Petco Trading Labuan Company Ltd
- Haitong Global Investment SPC III
- Qatar National Bank (QPSC), Singapore Branch
- Slaughter and may
In addition, both Brightoil Petroleum (S’pore) Pte. Ltd. and its parent company, Bank of China Limited, Shenzhen Branch, and China Huarong Overseas Investment Holding Co., Ltd.
China Huarong Overseas Investment Holding Co., Ltd. would have provided a total of approximately $ 362 million to refinance over a five to twelve year period for various wholly owned subsidiaries of Brightoil in late 2019 for acquisition and restructuring purposes.
The investment firm provided an additional $ 30 million in loan financing on May 19, 2020 to support the operations of Brightoil and the repayment of some outstanding debts; this provides “strong support” for Brightoil’s debt restructuring and operations during the epidemic, the company said.
“With the satisfactory debt settlement of the majority of the creditors for which Dr. Having given a personal guarantee, it is expected that this will help smooth out the bankruptcy proceedings of Dr. To accelerate sit “, it says in it.
Dr. Sit undertook Total personal guarantees worth approximately $ 1.4 billion for Brightoil.
You can find previous Brightoil developments (since the end of 2017 until today) in the search results here.
Credit: Diverse times
Published: May 20, 2020