http://www.businessweek.com/news/2013-01-21/brightoil-has-healthy-cash-available-after-loan-term-breach

Bloomberg News

Brightoil Has ‘Healthy’ Cash Available After Loan-Term Breach

January 21, 2013

Brightoil Petroleum Holdings Ltd. (933), Singapore’s third-largest supplier of marine fuel, said it has a “healthy” amount of cash available, and operations haven’t been affected by a breach of its loan agreement.

The company is applying for waivers with its banks to prevent possible default on loans, Ella Mak, a Hong Kong-based spokeswoman, said by telephone today.

Brightoil has breached the interest-coverage ratio covenant on at least one loan relating to vessel financing, the company said in a statement on Jan. 16. It also expects to have a “material loss” in the six months ended Dec. 31, compared with a profit in the same period a year earlier, because of depressed market conditions in the shipping industry and falling margins for marine oil, known as bunker, according to the statement.

Brightoil was the third-largest bunker supplier last year in Singapore, the world’s largest bunkering port, according to the city state’s Maritime and Port Authority.

To contact the reporter on this story: Winnie Zhu in Singapore at wzhu4@bloomberg.net

To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net


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