China Aviation Oil (Singapore) Corporation Ltd says support from creditors for its restructuring process increased to 66% from 53% of the total value of all creditors of the company during the first week of April.
CAO, which will hold a meeting with creditors on June 10, needs a majority of the creditors representing 75% of the total debt needed to approve its restructuring plan. If creditors don’t agree, the company faces liquidation.
CAO, an oil-trading firm and supplier of virtually of Chin
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