SINGAPORE - Singaporean shipping firm Ocean Tankers Ltd, a unit of troubled oil trader Hin Leong Trading Pte Ltd, has applied to be placed under the management of a court-appointed supervisor, two sources with knowledge of the matter told Reuters.
Hin Leong owes US$3.8 billion to 23 banks, according to a company presentation to lenders on April 14, contained in an affidavit in court filings. The affidavit was reviewed by Reuters but has not been made public. Singapore police said in April they had launched an investigation following news of Hin Leong's losses.
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