Brightoil Petroleum Holdings Ltd could receive a restructuring proposal from Chinese banks in the third quarter while it sells assets to pay off debt and shifts to becoming a shipping e-commerce platform, a company official said on Friday.
Brightoil suspended trading in its shares in October 2017 and has since been snagged in lawsuits brought on by creditors. The company debts were $1.9 billion, according to a statement to the Hong Kong stock exchange in January, of which $250 million is being claimed by creditors.
Overinvestment and credit controls in China landed the company in deep debt, said Stephen Qi, the chief executive officer (CEO) of Brightoil Singapore.
Several Chinese banks are carrying ou…
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