Financially troubled Singapore oil company Hin Leong Trading Pte Ltd on Monday (27 April) was reportedly granted interim judicial management by Singapore High Court in view of its crushing USD 3.85 billion debt and legal investigations.
The virtual hearing was initially set to be on Thursday (30 April) but has allegedly been brought forward ahead of time at the request of creditors, according to the Business Times.
It has been previously reported that accounting firm PricewaterhouseCoopers (PwC) was appointed by HLT to manage the firm in the iterim, and now Goh Thien Phong and Chan Kheng Tek of PwC are purported to assume the role of judicial managers.
PwC now has eight weeks to file a preliminary report assessing whether HLT can be salvaged through restructuring or rehabilitation.
Related: Report: Hin Leong Trading appoints PwC as interim judicial manager
Related: Singapore’s Police Force commence investigations into Hin Leong Trading
Related: Sembcorp Cogen aborts gasoil supply and storage contract with Hin Leong Trading
Related: Winson Group and ZenRock Commodities reassure fiscal stability despite Hin Leong fiasco
Related: Report: Sinopec expresses interest in Hin Leong Trading stake of Universal Terminal
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
Photo credit: Manifold Times
Published: 28 April, 2020
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