China Aviation Oil, the failed Chinese jet fuel importer, is seeking heavy write-offs by creditors on its debts of more than US$500m in the opening round of what are expected to be tough negotiations to save the Singapore-listed company.

Deloitte Touche, which is advising CAO on its debt restructuring plan, is making informal soundings among creditors on the amount of debt they would accept for write-offs ahead of presenting a proposed rescue plan on January 24.