Hin Leong forged documents to mislead banks, has 'no reasonable prospect of being restructured on its own': PwC
Add BT as a preferred sourceDeeperDive is a beta AI feature. Refer to full articles for the facts.
INSOLVENT oil trader Hin Leong Trading has "no reasonable prospect" of being rehabilitated as a standalone company, though it may have a shot at survival if its owners support the process by committing their other family assets to the restructuring.
This was the recommendation put forth by interim judicial manager (IJM) PricewaterhouseCoopers (PwC) Advisory Services in a report on the company's current financial state. The report was submitted to the High Court on Tuesday.
Hin Leong has liabilities of US$3.5 billion that is mostly owed to banks, and assets of only about US$257 million, PwC noted.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Copyright SPH Media. All rights reserved.
TRENDING NOW
Air India asks Tata, Singapore Airlines for funds after US$2.4 billion loss
‘Boring’ is the new black: The stars are aligning for a Singapore stock market revival
From 1MDB to ‘corporate mafia’: Is Malaysia facing a new governance test?
South-east Asian markets account for 8.8% of global capital inflows from 2021 to 2024: report
