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NewOcean creditors meeting application granted by Supreme Court of Bermuda

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Similar application made to the High Court of Hong Kong has been approved and the creditors meeting is now expected to be held on 18 January 2021.
New Ocean Energy 1

Hong Kong-listed NewOcean Energy Holdings Limited (NewOcean) on Monday (14 December) published an update to its earlier announced plans to hold a meeting of creditors to discuss, among other things, the refinancing of loans advanced to the Group by banks and financial institutions. 

The Group said its application to the Supreme Court of Bermuda made on Friday, 11 December to convene creditor meetings has been approved.

The application for the creditors meeting was earlier granted by the High Court of Hong Kong Special Administrative Region on 10 December.

The creditors meeting is now expected to be held on 18 January 2021. 

The creditors meeting is part of active measures to mitigate the liquidity pressure and the financial position of the Group after being adversely affected by the Hin Leong incident, record low oil prices, and Covid-19 pandemic during the first half of 2020, according to the company.

Related: NewOcean planning creditors meeting, foundation of debt restructuring plan laid out
Related: NewOcean records USD 174 million 1H 2020 loss; Singapore bunkering business remains
Related: NewOcean Energy publishes profit warning to shareholders ahead of 1H 2020 results


Photo credit: NewOcean Energy Holdings
Published: 15 December, 2020

 

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