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NewOcean receives winding up petition from HSBC over alleged USD 71.5 million debt

Image Credits: HSBC / Manifold Times

Repost: Hong Kong-listed NewOcean Energy Holdings Limited on Monday (1 November) said a winding up petition against the company was presented to the Bermuda Court by the Hongkong and Shanghai Banking Corporation Limited (HSBC) on 22 October.

An official hearing for the winding up petition has been scheduled at the Bermuda Court on Friday (19 November) at 11:30 am (Bermuda Time).

It was alleged in the Winding Up Petition that the company had failed to satisfy the petitioner a total indebtedness in the sum of HKD 5,433,659.12 (USD 698,274) and USD 70,802,320 totalling approximately USD 71.5 million.

The winding up petition stated that the amounts were owed pursuant to a facility letter dated 21 January 2020 entered into, among others, by Sound Agents Limited and NewOcean Resources (Singapore) Pte. Ltd. and guaranteed by the company.

NewOcean notes it has been taking advice from counsel and separate legal teams and considers that it has legitimate grounds to oppose the winding-up petition. Instead of winding up, several scheme creditors have already expressed their preference for debt restructuring.

“Therefore, the company will vigorously oppose the winding up petition and take all other actions as deemed necessary to protect the company’s interest and the interest of its shareholders as a whole and that of its creditors as a whole,” it states.


Manifold Times

Marine Online Media Team
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