HSBC Files Winding Up Petition Against NewOcean Over Debts

NewOcean Energy receives winding up petition from HSBC over debts of $70.8m and HK$5.4m, according to co. filing to Hong Kong Stock Exchange on Monday.

• Petition presented to Bermuda court on Oct. 22 and listed for hearing on Nov. 19
• Amounts owed are from facility letter entered into Jan 2020 and guaranteed by co.
• NOTE: NewOcean Claims $600 Million in Damages From Hang Seng Bank
• Co. to “vigorously oppose” petition; “several” creditors have expressed preference for debt restructuring
• Winding up would have negative safety consequences
• NOTE: NewOcean Energy Says Applied to Courts for Creditor Meetings (1)

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