PwC is poised to act as a so-called interim judicial manager to help oversee the company’s finances and negotiate with creditors, said the people, who declined to be identified because the process is confidential. Hin Leong’s 23 bank creditors include HSBC Holdings Plc, ABN Amro Bank NV, Societe Generale SA and Singapore’s three biggest banks.
(Apr 22): Tycoon OK Lim and his family are set to hand over management of the company founded in 1963 to PricewaterhouseCoopers LLP, deepening the demise of an empire Lim built into one of Singapore’s most powerful oil traders.
Hin Leong Trading (Pte) Ltd., saddled with almost $4 billion in debt, plans to shift management of the company away from its founding family to the accounting firm while preparing to withdraw an application for court protection from creditors, according to people familiar with the matter.
