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18/01/05
04:44:22 pm, Categories: Tokyo Nikkei & Topix, 89 words China Aviation Oil seeks debt to avoid liquidation
Singapore-listed China Aviation Oil (CAO) is looking to recover more than a third of its debts - up to $240 million - in a bid to stave off creditors from liquidating the troubled company.
The proposal is just part of a restructuring plan intended to satisfy creditors ahead of a vote on June 10th. It comes as a general test of Chinese state-controlled companies, as well as Singapore's regulatory standards.
CAO, a subsidiary of China Aviation Oil Holding, is China's sole importer of jet fuel, but collapsed under losses of $550 last month.
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