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Brightoil reaches agreement with several creditors

Bunker company Brightoil Petroleum has reached a settlement on the debt that resulted in the previous chairman being declared personally bankrupt. The company lands agreements with several creditors.

Photo: Colourbox
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Strained bunker company Brightoil secures deals with several creditors, informs the bunker company.

One agreement concerns USD 30 million in debt, which the company's previous chairman Sit Kwong Lam was personally liable for, and which ultimately ended in Sit being declared personally bankrupt by a court in Hong Kong. Subsequently, he stepped down as chairman.

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