CAO could ask creditors to lose 60%

The collapsed aviation fuel importer China Aviation Oil (Singapore) Corp. may ask its creditors to write off up to 60% of its debts before it presents a payment proposal to Singapore's High Court on January 24th, the China Daily reported. The company sought court protection in late November last year after running up debts of more than US$500m in speculative oil trades. Its 80 creditors, including the Goldman Sachs Group, Societe Generale SA and Mitsui & Co, must give their approval for the plan before a proposed US$100m bailout by Chinese and Singapore government-owned companies can go ahead.