Interim judicial managers to assess if Ocean Tankers can be restructured

Ocean Tankers is exposed to potential claims estimated at US$2.67 billion.
Ocean Tankers is exposed to potential claims estimated at US$2.67 billion.PHOTO: SCREENGRAB FROM GOOGLE MAPS

The interim judicial managers of Ocean Tankers filed documents in the High Court yesterday outlining key issues in the potential restructuring of the shipping arm of troubled oil trader Hin Leong Trading.

The Straits Times understands these issues include whether there were any irregularities in the conduct of its affairs, updates on its cash position and cost-cutting measures, and the validity of some claims listed in an affidavit by Ocean Tankers director Evan Lim Chee Meng. The final report from Ernst & Young interim judicial managers Angela Ee Meng Yen and Purandar Janampalli Rao is due out next month.

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A version of this article appeared in the print edition of The Straits Times on June 10, 2020, with the headline 'Interim judicial managers to assess if Ocean Tankers can be restructured'. Print Edition | Subscribe