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CAO gets 6 more weeks for plan.
Byline: Shu-Ching Jean Chen in Hong Kong
Singapore-listed China Aviation Oil (Singapore) Corp. Ltd. -- an oil trader seeking court protection after losing an estimated $550 million in oil derivatives trading -- on Friday, Dec. 10, gained another six weeks to devise a restructuring plan to avoid bankruptcy.
Singapore's High Court granted the extension a day after CAO bought a new shell company, CAOT Pte. Ltd., for a symbolic price of 1 Singapore dollar (61 cents) to continue its jet fuel procurement business. The purchase came amid signs the Chinese government is working behind the scenes to prevent CAO from going into receivership.
The Singaporean …
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