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Winding up petition against Brightoil dismissed

Photo - Bill Oxford, Unsplash Gavel-bill-oxford-OXGhu60NwxU-unsplash.jpg
Hong Kong–based Brightoil announced the dismissal of winding-up petitions filed by Petco.

The company has reached settlement on debts with Petco Trading Labuan Company (Petco) and other interested creditors. The High Court of Hong Kong granted the dismissal of the winding-up petition filed by Petco against the company on 17 May 2019.

Brightoil was one of the largest marine bunkering service providers in China. The company was declared bankrupt in April 2019.

The company has been continuously negotiating with its creditors and its relevant subsidiary have also entered into loan restructuring agreements with Bank of China Shenzhen Branch and China Huarong Overseas Investment Holding Co., Ltd.

Trading in the company’s shares on the stock exchange has been suspended since October 2017 and will remain suspended.

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