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Singapore court to consider judicial management of Xihe Holdings and subsidiaries

13 Oct 2020

The High Court of the Republic of Singapore will be holding a session on 13 November to consider an application by OCBC made on 20 July to place Xihe Holdings and certain subsidiaries under the judicial management of a judicial manager, according to the Singapore Gazette.

The affected companies are:

  •         Xihe Holdings (Pte) Ltd (Company No: 199002021M)
  •         Da Xin Tankers (Pte) Ltd (Company No: 198400895W)
  •         Nan King Maritime (Pte.) Ltd. (Company No: 200814303G)
  •         Hua Xin Shipping Pte. Ltd. (Company No: 200611204G)
  •         Hua Guang Shipping Pte. Ltd. (Company No: 200610922R)

Xihe Holdings, the 60% holding company for Singapore-based tanker ship owner Xihe Group of Companies, is currently placed under interim judicial managers as creditors supported OCBC’s application for Xihe’s restructuring to be independent of the Lim family. 

The development, if approved by the High Court, will position Grant Thornton Singapore Pte Ltd as joint and several judicial managers of Xihe Holdings and the abovementioned subsidiaries.

“Any person who intends to oppose the making of an order under section 227B(5)(b) or the nomination of a judicial manager under section 227B(3)(c) may appear at the time of hearing by himself or his counsel for that purpose; and a copy of the application and its supporting affidavit will be furnished to any creditor or member of the company requiring them by the undersigned on payment of the regulated charge,” said the note.

Any person who intends to appear at the hearing of the application must serve on or send by post to OCBC’s solicitor notice in writing of his/her intention so to do. The notice must state the name and address of the person, or if a firm, the name and address of the firm, and must be signed by the person or firm, or his/her or their solicitor (if any) and must be served, or, if posted, must be sent by post in sufficient time to reach the solicitor not later than 12 o’clock noon of the 12th day of November 2020.

The solicitor’s address is: Allen & Gledhill LLP of 1 Marina Boulevard, #28-00, Singapore 018989.

Related: O.K. Lim and two children sued for USD 3.5billion; receiver appointed for 3 Xihe ships
Related: OCBC files for Xihe Holdings to be placed under judicial management
Related: Xihe Holdings placed under IJM as OCBC reverses decision for ‘consensual restructuring’

Photo credit:
Manifold Times
Published: 13 October, 2020

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