* Plans to sell rest of its tankers to repay debt
* To complete Zhoushan oil storage project before selling a stake
* Banking on e-commerce website for shipping industry
By Florence Tan
SINGAPORE, June 24 (Reuters) – 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.
Overinves…
Read the full article at: https://www.reuters.com/article/asia-oil-shipping-brightoil/brightoil-awaits-restructuring-plan-as-business-shifts-to-shipping-e-commerce-idUSL4N23S2C6