Singapore’s Ocean Tankers and oil trader parent Hin Leong Trading are set to discover whether they will be placed under judicial management.
The applications for both Lim family companies are due to be heard at the High Court of Singapore at 2.30pm (0630 GMT) on Friday, according to adverts placed in local media.
Ee Meng Yen Angela and Purandar Janampalli Rao, of Ernst & Young (EY), have been nominated as the joint judicial managers for Ocean Tankers.
Goh Thien Phong and Chan Kheng Tek, both of PricewaterhouseCoopers Advisory Services, have been nominated as judicial managers for Hin Leong.
Ocean Tankers is being represented at the hearings by Damodara Ong, while Hin Leong Trading’s solicitors for the hearing are Advocatus Law.
Any person who intends to oppose the nominations of the judicial managers must inform the law firms before noon on Thursday.
Last week, a High Court hearing for OCBC Bank’s application to bring tanker owner Xihe Holdings under judicial management was adjourned until 13 August.
Delay for consensus
Xihe Holdings, which is part of the Lim family's 136-tanker Xihe Group, said its 12 lenders had adjourned court proceedings to "work together towards a consensual restructuring".
“We are of the opinion that appointment of judicial managers will disrupt the constructive discussions that the Xihe Group of companies has had with third parties, including lenders," the company said in a statement posted on its LinkedIn page.
Hin Leong is seeking to restructure billions of dollars of debt after the oil price crash revealed a massive, multi-year long fraud at the once fabled oil trader.
OCBC is owed $250m, making it Hin Leong’s fourth largest secured creditor, according to a presentation by the oil trader to lenders in April.
