China Aviation Oil (Singapore) Corp. Ltd. (CAO) was scheduled to release a restructuring plan Jan. 21, the company said Sunday.

“At least 20 people including consultants from Deloitte Touche Tohmatsu will participate in preparing the restructuring plan,”CAO spokesman Yun Dawei said.

Earlier this month, the Singapore High Court granted CAO a six-week extension to submit its restructuring plan after the company declared losses from derivatives trading totaling US$550 million.

Yun said Temasek Holdings, the investment arm of the Singaporean Government, would be a potential partner for CAO.

Analysts believe CAO will also seek help from oil firms like China Petroleum and Chemical Corp. (Sinopec) and China National Petroleum Corp. (CNPC) as well as the country’s leading airlines.

However, Air China, the country’s top carrier, said Monday it had no plan to bail out the jet fuel supplier.

“We have no plan to help restructure or bail out CAO,”said Wang Yongsheng, spokesman of Air China.