Brightoil Winding Up Hearing Delayed

Thursday July 18, 2019

A winding up petition for Brightoil Petroleum (Holdings) Limited (Brightoil) in Hong Kong has been delayed until next week.

The petition was originally scheduled to be heard yesterday, but it will now take place on Monday, July 22, 2019.

Brightoil says it has aggregate debts of approximately US$1.85 billion and recently warned creditors could call in over $1.3 billion of debt after its founder and former CEO, Dr. Sit Kwong Lam was declared bankrupt.

The petition itself relates to an outstanding sum of US$25.7 million owed to an unnamed third party, Brightoil has said.

The Group's Singapore unit is also facing a separate winding up application, proceedings for which are currently delayed until August 5, 2019.