Marine fuels supplier Brightoil Petroleum announced it has obtained all necessary waivers in principle from relevant lenders regarding the potential breaches of a loan covenant.
“Upon obtaining the waiver letters, no cross default provisions in the facilities will be triggered,” said Sit Kwong Lam, chairman of Brightoil.
On 16 January, Hong Kong-listed Brightoil had warned of a potential breach of its interest coverage ratio covenant with a lender, which may in turn trigger cross default provisions in other loans.
The bunker fuel supplier had also warned of a first half 2013 net loss mainly due to the depressed market conditions in the shipping industry and decreasing bunker margins.
 

-- Source from Seatrade-Asia