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 losses of around $800m, sparking fears of one of the largest corporate collapses to hit the Southeast Asian republic in recent years.
Hin Leong is expected to withdraw its application for court protection under Section 211B of Singapore’s Companies Act, and apply for judicial management in a virtual court hearing in the next few days.
Ocean Tankers, however, will continue its application for court protection.
Many names in Singapore’s 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.