SINGAPORE: Jurong Aromatics Corp, operator of one of the world’s largest petrochemical plants, has been pushed into receivership after debt-restructuring talks stalled amid faltering demand for commodities.
Restructuring firm Borrelli Walsh has been appointed the receiver of the US$2.4bil plant on Singapore’s Jurong Island, according to a filing dated Monday with the city’s Accounting & Corporate Regulatory Authority. Jurong Aromatics, whose shareholders include South Korea’s SK International Investment and Glencore Plc, hadn’t been able to service interest payments amid a plunge in oil prices, and operations had been stalled since December, people familiar with the matter said last month.
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