The Director of Singapore-based energy transportation firm Ocean Tankers (Pte) Ltd (OTPL) on Wednesday (6 May) issued a letter to its creditors and counterparties stating its intention to seek judicial management of the company.
The letter, widely circulated within Singapore’s bunkering sector, was obtained by Manifold Times.
Lim Chee Meng, also known as Evan Lim, stated in the letter OTPL had filed an application in the High Court of Singapore for a moratorium order under Section 211B of the Companies Act, with a view of undertaking a debt restructuring exercise.
“However, OTPL continues to face challenges in continuing its business, even with the protection of a moratorium under Section 211B,” he said.
“OTPL has sought to reassure charterers and other business counterparties that it is a separate entity from Hin Leong Trading (Pte) Ltd (“HLT”) and that it remains committed to continuing its business and performing its contractual obligations.”
To date, the company has received feedback of several parties still having concerns resuming business fully with OTPL due to the negative news reports of HLT and uncertainties relating to renewal of the moratorium under Section 211B, notes Lim.
“OTPL believes that if it is placed under judicial management, the market and OTPL’s business partners are likely to have greater confidence and comfort in continuing business dealings with OTPL,” he explained.
“OTPL therefore has decided to proceed with the proposed debt restructuring exercise under the supervision and control of Court-appointed judicial managers and interim judicial managers and with the protection and assistance of the judicial management regime.”
Related: Singapore High Court concedes interim judicial management to Hin Leong Trading
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: 12 May, 2020
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