Asia/Pacific News
Court Appoints Managers for Ocean Tankers
Two EY executives in Singapore have been appointed interim judicial managers of Ocean Tankers, the accounting firm was reported as saying on Tuesday by Reuters.
The move follows a Singapore court hearing to consider the shipping company's request to appoint independent managers.
The company is owned by the Lim family which also owns Singapore's oil trader Hin Leong Trading which was placed under judicial management in April as it seeks to restructure billions of dollars of debt.
Under judicial management, a court appoints independent managers to run the affairs of a financially distressed company in place of existing management, a move that is often looked upon favourably by creditors.
Ocean Tankers did not immediately respond to requests for comment about the judicial appointments, the report said.
