Asia/Pacific News
Two More Creditors Take Legal Action Against Brightoil Singapore
Hong Kong-based bunker player Sea Trader International (STI) and Qatar National Bank (QNB) have joined the list of creditors now looking to recover more than $52 million from Brightoil's Singapore operations.
The news comes after it emerged last week the Singapore unit of Vietnam-based trader Petrolimex had filed a winding up order against Brightoil Petroleum Singapore Pte Ltd.
That case was heard Friday, and adjourned to December 14 in order to give Brightoil more time to work on restructuring its debt, Reuters reports citing court documents.
Brightoil is understood to owe Petrolimex more than $30 million, and has failed to meet repayment deadlines it agreed to in July.
Court documents also show lawsuits have also been filed by STI who is looking to recover almost $1 million, and QNB who is looking to recover $21.59 million.
Adding to its woes, on Wednesday Brightoil's entire Singapore-based bunker tanker fleet was been placed under arrest.
For 2017, Brightoil ranked as Singapore's 17th largest bunker supplier by volume, according to official data from the Maritime and Port Authority of Singapore (MPA).
.
