SINGAPORE (BLOOMBERG) – HSBC Holdings and other global banks owed US$3.5 billion (S$4.66 billion) by Hin Leong Trading may recoup less than expected from the collapsed Singapore oil trader after a sale process failed to attract bids for the company.
Hin Leong’s court-appointed managers plan to file an application next week to wind up the company after three potential bidders walked away from the process to buy Hin Leong and two related companies as a combined entity, according to a letter PricewaterhouseCoopers sent to creditors this week that was seen by Bloomberg.
Assets of Hin Leong’s sister companies Ocean Tankers Ltd. and Xihe Holdings may still draw interest from potential bidders, according to the letter.
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