Creditor files winding-up petition on Brightoil

Troubled fleet owner Brightoil Petroleum has been served with a petition filed by a creditor with the High Court of Hong Kong for the winding up of the company on the grounds that company was insolvent and unable to pay $25.68m of debts.

The petition will be heard on July 17th; Brightoil said that it was seeking legal advice on the matter.

Brightoil subsidiary Brightoil Singapore has already received a winding-up petition, filed by another creditor in the High Court of Singapore.

Following the recent sale of the company’s VLCC Brightoil Glory, three other vessels have been sold by the courts

VLCC Brightoil Gravity, which was arrested by South Korea, was sold for KRW72.44bn ($61.21m).

Aframax tanker Brightoil Lion, arrested in Singapore, was sold for SGD36.6m (US$26.82m)

VLCC Brightoil Grace, also arrested in Singapore, was sold for SGD75.1m (US$55.04m).

Greek owner Delta Tankers was reported to be the buyer of Brightoil Grace. It bought Brightoil Glory last month. Singapore-based owner Eastern Pacific was reported as the buyer of Brightoil Lion.

Brightoil will use the proceeds from the sale of the vessels to repay its debts. The remainder of the tanker fleet is up for sale.