Chinese media has reported the Singapore bunker player Coastal Oil (Singapore) Pte Ltd owing at least 10 banks, including firms based in Hong Kong and Singapore, a total of US $380 million.
Specifically, DBS Bank (Hong Kong) has filed a claim at a Hong Kong court for more than US $30.07 million while Standard Chartered Bank (Hong Kong) is seeking to reclaim more than US $15.73 million.
British, French and Chinese banks are claiming the remaining sums owed.
60% of the company's loans are reportedly offered by Singapore banks.
Manifold Times first reported Coastal Oil (Singapore) on 13 December filing for liquidation as part of a creditors’ voluntary winding up operation.
The troubled firm last held a creditor’s meeting on December 28, 2018.
Related: Heng Tong Fuels & Shipping, Coastal Logistics tankers enter S&P market
Related: Coastal Oil Singapore to hold creditors meeting on 28 Dec
Related: Breaking news: Coastal Oil Singapore under liquidation
Published: 4 January, 2019
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