Singapore oil trader ZenRock placed under judicial management; raided by police

Application was heavily contested even as the troubled company faces a secured debt pile of nearly US$190 million

Fiona Lam

Published Fri, May 8, 2020 · 09:50 PM

Singapore

THE Singapore High Court has granted HSBC Holdings' application to place ZenRock Commodities Trading under judicial management (JM).

KPMG's Martin Wong, Bob Yap and Toh Ai Ling were named the interim judicial managers over the troubled oil trader, following a virtual hearing on Friday spanning over six hours, during which major creditor HSBC's judicial management (JM) application was "heavily contested", The Business Times (BT) understands.

Singapore-based ZenRock faces a secured debt pile of nearly US$190 million. Its secured lenders - which provided mostly short-term credit facilities for letters of credit or trust receipts - include HSBC; Natixis Bank; Crédit Agricole Corporate & Investment Bank; ING Bank; Bank of China; and Banque de Commerce et de Placeme…