The termination of a restructuring plan and whitewash waiver by Sino Oil and Gas (HKG:0702) is underway, according to a Sept. 20 bourse filing.

The move came after the Hong Kong Court dismissed the oil and gas company's appeal against the court's prior decision to dismiss its petition for approval of its creditors' scheme earlier this month.

Since the authorization of the creditors' scheme is necessary for certain transactions under the restructuring, the said process and whitewash waiver can no longer proceed.

Sino Oil and Gas was looking to increase its authorized share capital to HK$3 billion under the restructuring plan.

Shares of the company closed over 18% lower on Monday.

Price (HKD): $0.05, Change: $-0.010, Percent Change: -18.18%