Covid-19: Singapore's legandary oil trader in debt trap as oil price plunge

On April 17, Hin Leong Trading filed an application to the Singapore High Court for a debt moratorium (bankruptcy protection) as it seeks to restructure debts of almost $4 billion

Hin Leong Trading, once a colossus in Singapore's oil trading community, has filed for bankruptcy protection after the collapse of global oil prices due to Covid-19 outbreak.

Among the international banks affected, HSBC has the largest exposure at $600 million while ABN Amro is owed $300 million and Standard Chartered $240 million.

On April 17, the trading firm filed an application to the Singapore High Court for a debt moratorium (bankruptcy protection) as it seeks to restructure debts of almost $4 billion.

The plight of Hin Leong, founded in 1963 by self-made Chinese tycoon Lim Oon Kuin, has rattled the commodity trading industry