Asia/Pacific News
Tanker Firm Xihe Group Sets Out Plan for Life After Hin Leong
Tanker owner Xihe Group has set out its plan to revamp the company after agreeing with its lenders on a 'consensual restructuring' plan.
The group was linked with troubled Singapore oil trader Hin Leong, and Xihe's lenders had attempted to take control of it away from Hin Leong's owners before this week's agreement was announced.
Hin Leong founder Lim Oon Kuin and his children are no longer part of the management team at Xihe, the company said in an emailed statement Wednesday.
The company's senior managers are now interim CEO Kenny Lim, commercial director Desmond Chong, sales and purchase director Michael Tan and vice president for fleet management Captain Zhang Yujie.
A new board of directors is currently being finalised in consultation with Xihe's lenders, the company said.
Xihe has terminated 'a number of bareboat charter contracts' with Hin Leong-linked Ocean Tankers, and will attempt to charter these out with other companies in due course.
The company is also planning to sell some ships, and will seek to enter strategic partnerships with other companies, it said.
