Shipping company Ocean Tankers placed under court-appointed supervisor

SINGAPORE - Two EY executives in Singapore have been appointed interim judicial managers of Ocean Tankers, the accounting firm said on Tuesday, following a Singapore court hearing to consider the shipping company's request to appoint independent managers.

Lim Chee Meng, director at Ocean Tankers and Hin Leong Trading , said in a court filing dated May 11 that the shipping firm could continue to operate under judicial management, though HLT's financial difficulties could have an impact on its business in due course. HLT owes $3.8 billion to 23 banks, according to a company presentation to lenders on April 14, contained in an affidavit in court filings.

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Hin Leong shipping arm Ocean Tankers placed under interim judicial management in bid to stabilise businessSINGAPORE - Ocean Tankers, the shipping arm of troubled oil trader Hin Leong Trading, has withdrawn its application for a debt moratorium and asked for Ernst & Young to be appointed its interim judicial manager, in a bid to 'urgently stabilise its business' and to give 'greater confidence' to its business partners, The Straits Times has learnt.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »