Singapore oil trading giant Hin Leong Trading has appointed local law firm Rajah & Tann as well as consultancy PwC to handle a liquidity crisis.
Hin Leong is one of Singapore’s largest bunkering names and has a sizeable tanker fleet.
The company has had letters of credit frozen by a number of banks and is now in negotiations with more than 20 banks to keep operations moving normally despite mounting debts.
Splash understands Hin Leong, established by billionaire OK Lim in 1963, was stuck with a large amount of physical oil it had purchased just before the price of oil nosedived earlier this year.
Officials from Hin Leong Trading and Rajah & Tann have yet to reply to questions sent by Splash last week.