The High Court of Singapore on Monday (8 March) approved a winding up order for Hin Leong Trading Pte Ltd filed by its court appointed Judicial Managers, reports Reuters.
As reported earlier by Manifold Times, the application was filed on 5 February 2021 and a hearing was scheduled for 10.00 am, Monday, 8 March 2021.
Hin Leong entered a restructuring exercise last April to cover its debt of USD 3 billion (SGD 4.25 billion).
Hin Leong’s Judicial Managers reported its restructuring exercises were not as successful as anticipated and as of 31 October 2020, the company had assets with an estimated value of USD 203.5 million to set against its billion dollar debt.
As all trade and operations have halted, and there are no viable prospects for any injection of capital whether through restructuring or an investor, the Judicial Managers have reportedly deemed the company is “not in a position to trade out of its insolvency or restructure its debts” and should be wound up.
Photo credit: Manifold Times
Published: 11 March, 2020
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