Troubles at Singapore's Hin Leong will affect 23 banks which reportedly lent a total of $3.85 billion to the troubled oil trader.
Oil trader Hin Leong has already begun talks to extend its credit facilities, according to a «Reuters» report, after some banks failed to provide the firm with a letter of credit to purchase oil products.
«Hin Leong has asked for an extension [to repay creditors],» the report said, citing an unnamed source.
Affected Banks
Thus far, HSBC, DBS, OCBC, Bank of China, Societe Generale and Standard Chartered have been named as the largest lenders to Hin Leong.
HSBC is reportedly believed to have the largest exposure at $600 million. DBS and OCBC, alongside UOB which allowed a drawdown in early April, had exposure of over $600 million, according to a «Business Times» report. Reports also claim that Hin Leong owed another $200 million to Bank of China.
