Hin Leong shipping arm Ocean Tankers placed under interim judicial management in bid to stabilise business

SINGAPORE - Ocean Tankers, the shipping arm of troubled oil trader Hin Leong Trading, has withdrawn its application for a debt moratorium and asked for Ernst & Young to be appointed its interim judicial manager, in a bid to"urgently stabilise its business" and to give"greater confidence" to its business partners, The Straits Times has learnt.

High Court Justice Kannan Ramesh on Tuesday approved the appointment of Ernst & Young's Ms Angela Ee Meng Yen and Mr Purandar Janampalli Rao as interim judicial managers, and also directed the applications for judicial management of Hin Leong and Ocean Tankers to be heard together. No date has been set yet for a court hearing.Enjoy unlimited access to ST's best work Subscribe Now

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