Brightoil Nets $200m From Tanker Sale

Wednesday June 12, 2019

Beleagured oil trading firm Brightoil has sold four tankers in a bid to stave off bankruptcy.

The Hong Kong-listed firm faces action from creditors in Hong Kong (winding up petition served on May 17 to be heard in court on July 17) and Singapore where it has a subsidiary.

The four tankers sold were detained by the authorities in Singapore and South Korea late last year as the company struggled to stay afloat under pressure from creditors.

Brightoil Lion and Brightoil Brace were arrested in Singapore in December. The other ships disposed of were Brightoil Gravity and Brightoil Glory. Brightoil's fleet comprises five tankers and six bunker tankers.

Proceeds from the ship sales' were $201.5 million, the company said in statement. The company's debts stand at a little under $2 billion.

In May, Brightoil appointed Sit Kwong Lam as its strategic adviser. Sit is a former executive with the company.

Trading in the company's shares remain suspended.