China Aviation Oil (Singapore) Corporation (CAO) the Singapore-listed subsidiary of mainland Chinese aviation fuel importer China Aviation Oil Holding Company (CAOH) announced in December a successful debt restructuring including significant investments from BP Investments Asia and Temasek Holdings.
CAO collapsed under losses of more than $500 million in November 2004 after a disastrous trading strategy in derivatives and an attempt to cover up losses by previous management. The collapse caused outrage since it occurred weeks after a share placement by CAOH before which CAO management had informed CAOH of the losses.
Injection
The debt restructuring deal entails the injection of $130 million of new capital by CAOH ($75.77
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