Asia/Pacific News
Brightoil Receives Loan Breach Waivers
Brightoil Petroleum Holdings [HKG:0933] (Brightoil) has said it has now obtained "all necessary waivers in principle" from its lenders following last month's announcement it had breached the interest coverage ratio covenant on one of its loan facilities.
At the time, Brightoil said it had a "healthy" amount of cash on hand, but that the default may trigger cross default provisions in other loan agreements and it was in the process of applying for relevant waivers from its lenders.
Today's announcement said that upon obtaining the waiver letters, no cross default provisions will be triggered.
After a headline making year for Brightoil, who saw a number of its executives leave the firm in 2012, Chairman Raymond Sit Kwong Lam said it was looking to expand its bunkering operations, particularly in China.
