[SINGAPORE] Singapore oil trader Hin Leong held a call with creditors on Tuesday after banks failed to provide a letter of credit to the trading firm to purchase at least one cargo of oil products due to load this month, four sources said. Read more at The Business Times.
The company has appointed accounting firm PwC and law firm Rajah & Tann as its advisers for its negotiations with banks, two sources said.Letters of credit are the tool used to guarantee payment to a counterparty for the purchase of a cargo. Without them, companies struggle to trade.
Hin Leong, started in 1963 by Singapore billionaire Oon Kuin Lim, better known as O K Lim, is a major trader of oil products, and owns a fleet of more than 100 vessels through its Ocean Tankers arm. A source at another Singapore-based trading firm said his company was approached by a bank over the weekend to buy a cargo that the bank was selling on behalf of Hin Leong. He declined to give further details.
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