Brightoil Petroleum has settled with Vietnam-owned trader Petrolimex over a debt of more than $30m that led to the bankruptcy of its founder Sit Kwong Lam.
In an exchange filing, the Hong Kong-listed bunker player and former tanker owner said all of its debt to Petrolimex had been settled via the agreement.
Sit had provided a personal guarantee of more than $30m for goods Brightoil bought from in April 2018.
