The privately-held company founded by legendary self-made Chinese tycoon Lim Oon Kuin could be the latest casualty of the crash in oil prices and a heightened caution among lenders to finance commodity trades.
SINGAPORE: Singapore oil trader Hin Leong Trading Pte Ltd has appointed advisers to help in talks with banks as some of them freeze credit lines to the firm, according to people with knowledge of the matter.
Bloomberg reported last Thursday that at least two lenders wouldn’t issue new letters of credit to Hin Leong amid concerns over its ability to repay debt. The firm appointed advisers this week to help negotiate with banks for more time to resolve its finances, said the people, who asked not to be identified because the matter is private.
Limited time offer:
Just RM5 per month.
