Xihe Holdings, the 60% holding company for Singapore-based tanker ship owner Xihe Group of Companies, has been placed under interim judicial managers (IJMs) as creditors rally behind OCBC’s application for Xihe’s restructuring to be independent of the Lim family, reports Business Times.
This comes off the bat off Xihe’s announcement at the end of July that its creditors have adjourned court proceedings in favour of working together with the group towards a consensual restructuring.
It seems that OCBC and other creditors have since had a change of heart as the bank’s court filing states that Xihe’s restructuring plan “appears to amount to little more than a controlled sale of vessels, while seeking financing and charters to tide over the interim period”.
As part of its plan, Xihe claimed to be independent of Lim Oon Kuin and his children, and appointed a new board of directors which included Lim’s brother Kenny Lim Oon Cheng as interim CEO.
OCBC stated that these steps “give the veneer of independence and new management instead of the actual independence guaranteed by JM”.
Conversely, Xihe is probing into OCBC’s real motives for placing it under IJM as it feels the bank “can have no conceivable interest in what happens to these companies (Xihe) once it (OCBC) is paid”.
“[…] this is a backdoor attempt to obtain security over the Lim family’s assets for its claims against Hin Leong Trading and Ocean Tankers,” said Haridass Ho & Partners, legal counsel to Xihe.
Related: Xihe Group appoints V.Group as technical manager for 16 of its tankers
Related: Xihe replaces Directors, forms new management team to chart fresh course for Group
Related: Xihe creditors adjourn court proceedings in favour of consensual restructuring
Related: OCBC files for Xihe Holdings to be placed under judicial management
Photo credit: Xihe Group
Published: 17 August, 2020
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