The Singapore High Court approved the debt repayment program for China Aviation Oil (Singapore) on June 13. SK Energy Asia withdrew its petition for putting CAO under judicial management following that.

An overwhelming majority of 97 percent of the attending and voting creditors passed the company's debt repayment program on a conference on June 8 in Singapore. CAO then submitted the plan to the Singapore High Court on June 10.

SK Energy Asia filed a plea to the High Court to drop its case against CAO. It says the improved scheme as a result of CAO's major steps has satisfied the purpose of its petition for judicial management.

By People's Daily Online