Asia/Pacific News
Hin Leong-Connected Tanker Company Xihe Plans 'Consensual Restructuring'
Tanker owner Xihe Group is making plans with its lenders for a 'consensual restructuring' of the company, it said Wednesday.
The group -- consisting of Xihe Holdings, Xihe Capital and its subsidiaries -- controls a fleet of almost 140 vessels.
The company "is pleased to announce that it and its lenders have adjourned court proceedings to work together towards a consensual restructuring," it sad in an emailed statement.
Last week it emerged that OCBC Bank was seeking to take control of Xihe Holdings from the owners of troubled Singapore oil trading company Hin Leong.
The Singapore bank had applied to the country's Supreme Court to have judicial managers appointed for the company.
"Xihe will be issuing further media statements over the course of the next few weeks on the developments at the company," a spokeswoman for the company said Wednesday.
