Hin Leong negotiating with Chinese oil firm on potential rescue plan

Hin Leong says the company is in early negotiations with a major Chinese oil company on a potential solution to its financial woes. Two other prominent industry players have also shown interest.

The Lim family owns Hin Leong, Ocean Bunkering and Ocean Tankers, whose fleet counts more than 150 ships. | Photo: Edgar Su/Reuters/Ritzau Scanpix

Crisis-stricken trading group Hin Leong Trading is in early negotiations with a Chinese company on a rescue plan.

At least two other unidentified players have moreover shown interest in the Singapore-based group, which has been sent into a struggle for survival by the sudden collapse of the oil price in early February, according to an application for bankruptcy protection submitted to a court by co-owner Lim Chee Meng on Friday.

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