Hin Leong files for JM; SCI acts to safeguard gasoil at HL unit
Beleaguered oil trading giant pulls out court application for debt moratorium
Anita Gabriel
Singapore
PRESSED for time as it grapples with a debt pile of US$4 billion, Singapore's giant oil trader Hin Leong Trading (HLT) has pulled out its application to the court for a debt moratorium and decided instead to go down the judicial management path, according to sources.
The Business Times understands that PricewaterhouseCoopers (PwC) LLP, the accounting firm that was hired by the trader to help fix its dire financials and "protect and preserve its assets and cash", will be appointed as interim judicial manager.
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