UK-based international accounting firm PricewaterhouseCoopers (PwC) is supposedly about to be appointed by Singapore’s Hin Leong Trading to manage the financially troubled firm as it readies itself to withdraw its application to seek protection from creditors from the court, according to a report published by Bloomberg.
According to the same report, this move provisionally protects HLT from legal proceedings by shifting all control to an independent judicial manager as a form of debt restructuring.
The firm is now forecasted to withdraw its application for court protection under Section 211B of Singapore’s Companies Act, and apply for judicial management in a virtual court hearing over the following week, it said.
It is estimated the application for judicial management could take months and PwC will step in as interim judicial manager. Ocean Tankers (Pte.) Ltd., an affiliate of Hin Leong, will reportedly proceed with its application for court protection, according to Bloomberg.
Related: Singapore’s Police Force commence investigations into Hin Leong Trading
Related: Report: Hin Leong Trading founder gave instructions to hide USD 800 million losses
Related: Singapore: Ocean Bunkering Services to discontinue marine fuel deliveries
Related: Hin Leong in debt restructuring exercise; Ocean Tankers a separate entity, says CEO
Related: Report: Hin Leong Trading finances under scrutiny, amid credit pull from two banks
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