Asia/Pacific News
Ocean Tankers' Temp Managers Release Prelim Findings on Debt
Ocean Tankers' temporary management has cast doubt on the extent of its liabilities in the wake of the Hin Leong crash.
Preliminary findings by the court-appointed managers filed at the Singapore Supreme Court question the solidity of firm's exposure to $1 billion in potential claims.
The findings point to bills of lading linked to potential claims that either did not take place or did not correlate to relevant cargo for the relevant vessel, according to a report by local business news provider the Business Times.
Earlier assessments of Ocean Tankers' liabilities puts debts in the region of $2.7 billion while the oil trading entity (to which it is linked), Hin Leong Trading, collapsed owing around $4 billion, the report said.
Ocean Tankers' judicial managers hearing is scheduled for July 27.
