{"id":8612,"date":"2020-04-24T14:38:29","date_gmt":"2020-04-24T11:38:29","guid":{"rendered":"https:\/\/www.al-sindbad.net\/lim-family-steps-away-from-debt-laden-hin-leong\/8612\/"},"modified":"2020-04-24T14:38:29","modified_gmt":"2020-04-24T11:38:29","slug":"lim-family-steps-away-from-debt-laden-hin-leong","status":"publish","type":"post","link":"https:\/\/www.al-sindbad.net\/lim-family-steps-away-from-debt-laden-hin-leong\/8612\/","title":{"rendered":"Lim family steps away from debt-laden Hin Leong"},"content":{"rendered":"<p><\/p>\n<p>Accounting firm PwC is set to become the interim judicial manager of Hin Leong Trading with founder O K Lim and his family ceding control of the oil trading giant.<\/p>\n<p><\/p>\n<p>Singapore-based Hin Leong Trading, which controls Ocean Tankers as well as Ocean Bunkering Services, has revealed debts of $3.85bn recently as well as hidden futures losses of around $800m, sparking fears of one of the largest corporate collapses to hit the Southeast Asian republic in recent years.<\/p>\n<p><\/p>\n<p>Hin Leong is expected to withdraw its application for court protection under Section 211B of Singapore\u2019s Companies Act, and apply for judicial management in a virtual court hearing in the next few days.<\/p>\n<p><\/p>\n<p>Ocean Tankers, however, will continue its application for court protection.<\/p>\n<p><\/p>\n<p>Many names in Singapore\u2019s once mighty offshore community have gone down the judicial management route in recent years, which tends to serve as a long, drawn-out form of debt restructuring.<\/p>\n<p>splash247<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Accounting firm PwC is set to become the interim judicial manager of Hin Leong Trading with founder O K Lim and his family ceding control of the oil trading giant. Singapore-based Hin Leong Trading, which controls Ocean Tankers as well as Ocean Bunkering Services, has revealed debts of $3.85bn recently as well as hidden futures &hellip;<\/p>\n","protected":false},"author":1,"featured_media":8613,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[58],"tags":[5308,5307,4638,4639,3553,2253],"class_list":["post-8612","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tanker-news","tag-debtladen","tag-family","tag-hin","tag-leong","tag-lim","tag-steps"],"_links":{"self":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/8612","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/comments?post=8612"}],"version-history":[{"count":0,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/8612\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media\/8613"}],"wp:attachment":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media?parent=8612"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/categories?post=8612"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/tags?post=8612"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}