SINGAPORE, April 27 (Reuters) - Singapore’s Hin Leong Trading Pte Ltd, one of Asia’s top oil traders, has been placed under the management of a court-appointed supervisor as it seeks to restructure billions of dollars of debt, three sources with knowledge of the matter said on Monday.
Hin Leong had applied last week to be placed under interim judicial management and withdrew an application it had made to the Singapore High Court for legal protection for six months from creditors, two other sources said on Friday.
Hin Leong did not immediately respond to a Reuters request for comment.
Under so-called judicial management, a court appoints an independent manager to run the affairs of a financially distressed company in the place of existing management. Such moves are often seen favourably by creditors.
Executives from accounting firm PwC have been appointed as interim judicial managers of Hin Leong, the three sources said on Monday. PwC did not immediately respond to a request for comment.
Hin Leong owes $3.8 billion to 23 banks, according to a company presentation to lenders on April 14 contained in an affidavit in court filings. The affidavit was reviewed by Reuters but has not been made public. (Reporting by Anshuman Daga and Jessica Jaganathan; Editing by Nick Tattersall)