an Schulden
www.ft.com/content/437b8e53-b6a6-4247-8340-0d5860706bd8
§"HSBC, ABN Amro and Société Générale are among a group of banks owed almost $4bn by Hin Leong, the Singapore oil trader scrambling to restructure its finances as a brutal downturn hits energy markets.
The privately owned company, which is controlled by self-made billionaire Lim Oon Kuin, entered talks with its lenders this week about a standstill agreement, said people with knowledge of the situation.
It is also exploring a potential rescue deal with Chinese state-run oil company Sinopec, the people said.
The plight of Hin Leong, one of Asia’s biggest fuel traders, is being keenly followed by rival traders concerned about the willingness of banks to finance commodities in Singapore and beyond.
The sector has been rocked by scandals over the past year, most recently the collapse of Singapore-based Agritrade, which left 20 banks facing losses running into the hundreds of millions of dollars.
Noble Group, the commodity trader that almost blew up in an accounting and debt scandal before pushing through financial restructuring, was also listed in Singapore....
Singapore is one of the world’s biggest hubs for commodities trading.
HSBC has the biggest exposure to Hin Leong at $600m, followed by ABN Amro at $300m, while Société Générale has lent the company $240m. In total, around two dozen banks are owed $3.85bn by the company.....
the coronavirus pandemic has led to an unprecedented collapse in fuel demand and hammered oil prices, which have more than halved since the beginning of the year. The downturn has tested to the limit the risk management skills of an industry that operates on razor-thin margins in highly competitive markets. ..."
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