A sale process failed to attract any bids for the collapsed Singapore oil trader.
Almost a year after oil trading firm entered court-ordered restructuring after amassing some $3.5 billion in debt, court-appointed supervisors from PwC have applied to wind up Hin Leong, according to a notice posted on the Government Gazette, «Reuters» reported on Thursday.
The application will be heard by the Singapore High Court on March 8, the report said.
Repayment Hopes Fade
With the wind-up, Hin Leong's assets will be handed over to an independent liquidator, and its creditors – some 23 global banks – are likely to receive less than expected in a fire sale of its assets.
Hin Leong's creditors reportedly lent a total of $3.85 billion to the troubled oil trader, with HSBC reportedly believed to have the largest exposure at $600 million.
Hin Leong also reportedly did not disclose $800 million of losses through futures trading.
