CAO submits scheme to restructure debts

China Aviation Oil (Singapore) announced Monday that in accordance with a court order of the Singapore High Court China Aviation Oil has submitted a debts restructuring plan to the Court through the company's lawyers M/s Rajah Tann.

CAO's current liabilities (shareholder loans excluded) are about $530 million. Therefore, CAO has proposed to repay $220 million, equivalent to a repayment ratio of 41.5 percent. CAO now has 96 creditors.

By People's Daily Online