Tanker owner and bunkerer Brightoil Petroleum has won three years of breathing space from domestic creditors in a partial debt restructuring.
Chinese media reported that a consortium of eight Chinese banks led by ICBC has signed on to fund a CNY 15.6bn ($2.26bn) restructuring of the former VLCC owner's domestic debt, according to Shenzhen's Southern Metropolis newspaper.
The newspaper named the other underwriters of the restructuring as China Minsheng Bank, Bank of China, China Construction Bank, Inner Mongolia's Baoshang Bank, Bank of Jiangsu, Industrial Bank, and Ping An Bank.
