Loan Digest

Singapore oil trader Hin Leong meets banks over finances: sources

  • 📰 BusinessTimes
  • ⏱ Reading Time:
  • 21 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 51%

Loans Loans Headlines News

Loans Loans Latest News,Loans Loans Headlines

[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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 15. in LOANS

Loans Loans Latest News, Loans Loans Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Exclusive: Saudi Aramco in talks with banks to borrow about US$10 billion - sourcesSaudi Aramco, the world's largest oil producer, is in early talks with banks for a loan of about US$10 billion to help finance its acquisition of ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Exxon raises US$9.5 billion to load up on cash while debt market still open to new dealsExxon Mobil Corp on Monday raised US$9.5 billion in new debt, with the largest U.S. oil producer seeking to bolster its finances while debt ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Exxon raises US$9.5b in new debtNEW YORK: Exxon Mobil Corp on Monday (Apr 13) raised US$9.5 billion in new debt, with the largest US oil producer seeking to bolster its finances ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »