Restructuring proposed for Hin Leong shipping arm Ocean Tankers

Ocean Tankers' Pu Tuo San VLCC supertanker off Jurong Island last year. The shipping arm of embattled Hin Leong Trading has exposure to potential claims of $3.72 billion, allegedly stemming from its dealings with the oil trader.
Ocean Tankers' Pu Tuo San VLCC supertanker off Jurong Island last year. The shipping arm of embattled Hin Leong Trading has exposure to potential claims of $3.72 billion, allegedly stemming from its dealings with the oil trader.PHOTO: REUTERS
Ocean Tankers' Pu Tuo San VLCC supertanker off Jurong Island last year. The shipping arm of embattled Hin Leong Trading has exposure to potential claims of $3.72 billion, allegedly stemming from its dealings with the oil trader.
Lim Oon Kuin.PHOTO: REUTERS

Talks to start next week on whether Lim family and Xihe Group will support plan

Restructuring proposals have been made for embattled Hin Leong Trading's shipping arm Ocean Tankers, whose exposure to potential claims of US$2.67 billion (S$3.72 billion) allegedly stems from its dealings with the oil trader.

Ernst & Young (EY), the court-appointed interim judicial manager for Ocean Tankers, is due to start talks with Hin Leong founder Lim Oon Kuin and his family, according to a report filed late Tuesday night with the High Court.

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A version of this article appeared in the print edition of The Straits Times on July 09, 2020, with the headline 'Restructuring proposed for Hin Leong shipping arm Ocean Tankers'. Print Edition | Subscribe