Asia/Pacific News
Brightoil Reaches Settlement With Petrolimex Over $30 Million Debt
Wednesday May 20, 2020
Hong Kong-based Brightoil Petroleum (Holdings) Limited says its Singapore unit has reached a settlement with Petrolimex over its $30 million debt to them.
Brightoil's founder Sit Kwong Lam was forced to step down in April 2019 after being declared bankrupt over the debt to Petrolimex.
"With satisfactory resolution of the debts relating to the majority of the creditors to which Dr Sit had provided personal guarantee, it is expected that this will help expedite the resolution of Dr Sit's bankruptcy proceedings," the company said in a statement on its website Tuesday.
Trading in Brightoil's shares in Hong Kong has been suspended since October 2017.
