No reasonable prospects of being rehabilitated on its own
Company has assets of $257 million, liabilities of $3.5 billion
Evidence of years of account manipulation, forged papers, fictitious profits
Singapore Singapore oil trader Hin Leong Trading’s restructuring or rehabilitation will only be viable if it is clubbed with other group companies under the Lim Family, including Ocean Tankers and Universal Terminal, the family’s personal assets and their willingness to divest ownership, court-appointed interim judicial managers, or IJMs, said in a filing seen by S&P Global Platts.
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Hin Leong Trading “on its own will have no…
Read the full article at: https://www.spglobal.com/platts/en/market-insights/latest-news/oil/062420-hin-leong-restructuring-viable-only-when-combined-with-group-companies-personal-assets-judicial-managers