Reorg continues to break news on Hin Leong

When Reorg first broke news in April 2020 on Hin Leong Trading, we had no idea the extent of what we were about to cover. Hin Leong had hired Rajah & Tann and PwC as respective legal and financial advisors and had a debt stack “likely at least $2 billion.”

Within five days, a routine restructuring story had tipped upside down. Reorg obtained affidavits showing that Hin Leong’s $800 million futures losses were not in its financials, the debt stack had ballooned to $3.85 billion from $1.7 billion in five months, and Ocean Tankers had filed for moratorium protection.

Fifteen months on, Reorg continues to break news around the name. Our latest analysis on sister company Xihe Holdings, looks at the work of the judicial managers around Xihe to maximize creditor recovery, including structuring a “go forward” fleet via a new corporate entity to address unsecured creditor claims via a potential debt/equity swap, and fresh financing – itself a potential trade for those who wish to buy the claims. Click through the link below for more. Written by Stephen Aldred, managing editor, Asia Core Credit. Sign up for weekly updates here.