Asia/Pacific News
Hin Leong Restructuring Only Viable With Ocean Tankers and Universal Terminal: PwC
The restructuring or rehabilitiation of troubled Singapore-based oil trader Hin Leong will only be viable if it is grouped together with other affiliated companies including Ocean Tankers and Universal Terminal, according to its court-appointed interim judicial managers PricewaterhouseCoopers (PwC).
Hin Leong on its own "will have no reasonable prospects of being restructured or rehabilitated," PwC said in its preliminary findings Tuesday, according to a report from price reporting agency S&P Global Platts Tuesday.
The assets should be grouped together as an integrated petroleum trading platform because their operations are interdependent, Platts cited the PwC report as saying.
PwC has valued Hin Leong's assets that it has identified so far at $257 million, compared with its liabilities of about $3.5 billion, Platts said.
Hin Leong is the owner of one of Singapore's largest marine fuel suppliers, Ocean Bunkering.
