Singapore oil trader ZenRock owes more than US$600 million: Court document

📆 5/12/2020 4:48 AM
📰 The Straits Times

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SINGAPORE (REUTERS) - Singapore-based ZenRock Commodities Trading Pte Ltd, hit by tumbling oil prices and the coronavirus pandemic, owes more than US$600 million (S$851.9 million) to creditors, the company said in a court filing seen by Reuters on Monday (May 11).. Read more at straitstimes.com.

SINGAPORE - Singapore-based ZenRock Commodities Trading Pte Ltd, hit by tumbling oil prices and the coronavirus pandemic, owes more than US$600 million to creditors, the company said in a court filing seen by Reuters on Monday .

"Partly in consequence of the above, ZenRock is facing difficulties in collecting accounts receivable of approximately US$120.5 million," it said in the application. Late last month, ZenRock issued a statement to reassure clients that it was not under financial duress after global oil and fuel prices slumped.

The document also included a list of ZenRock's top 10 unsecured creditors as of Feb 29, 2020, for a total amount close to US$449 million.

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