Rajah & Tann is representing Singapore’s Hin Leong Trading, one of Asia’s top oil traders, in its negotiations to restructure some $3.85 billion of debt it owes to 23 creditors, which are being advised by fellow Big Four firm Drew & Napier.

Hin Leong recently applied for – and was granted - an interim judicial management order by Singapore's High Court, according to the Straits Times. The order will see professional services firm PwC act as an interim judicial manager to help oversee Hin Leong's finances and negotiate with creditors including HSBC Holdings, ABN Amro Bank, Societe Generale and Singapore's three biggest banks.

According to Reuters, Hin Leong saw experienced some $800 million in losses over the past several years, with the recent collapse in the oil price related to the COVID-19 pandemic making things even worse for the company.

Reuters added that Hin Leong may also file more affidavits with further information, including a list of its 20 largest unsecured and unrelated creditors.

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