Business· Manufacturing· People

Brightoil Petroleum Founder, once ranked on Forbes China rich list, declared bankrupt

minutes 2019/04/17 08:19:39
China Oil, China Bankruptcy

Apr 17, 2019 (China Knowledge) - Hong Kong High Court declared Mr Xue Guanglin, founder of Brightoil Petroleum Holdings bankrupt brought about by a long-running case involving financial woes at Brightoil Petroleum.

Brightoil's Singapore subsidiary took up a US$30 million debt from Vietnamese national oil company Petrolimax and Xue Guanglin took up as personal guarantor. However, since Brightoil Petroleum was embroiled with financial difficulties, the debt went overdue for payment. Hong Kong High Court subsequently declared the founder of Brightoil bankrupt due to his guarantor status.

Brightoil Petroleum which was one of the largest oil companies in China has been suspended from trading since October 2017 over series of financial difficulties.

 Last November, the company announced plans to reorganize and raise more capital as the company struggles to restore its financial health. It was reported that Brightoil's total estimated obligations was about US$1.9 bln at the end of January. 

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