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Hong Kong Bunker Supplier NewOcean Energy Starts Restructuring Process

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Repost: Bunker supplier NewOcean Energy is set to enter a restructuring process after facing court proceedings in Bermuda.

The court has appointed joint provisional liquidators tasked with maintaining sustainable operation of the company while seeking compromise with its creditors, NewOcean said in an exchange filing on Tuesday. Kenneth Fung and Roderick Sutton of FTI Consulting and Edward Whittaker of R&H Services Limited are the court-appointed joint provisional liquidators.

They will “develop and propose a restructuring of the Company’s indebtedness in a manner designed to allow the Company to continue as a going concern, with a view to making a compromise or arrangement with the Company’s creditors, including (without limitation) a compromise or arrangement by way of a scheme of arrangement,” NewOcean said in the filing.

HSBC had filed a winding-up petition against NewOcean in October over alleged unpaid debts.

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