Jurong Aromatics Corp (JAC), which operates a large petrochemicals complex in Singapore, has gone into receivership because of debt problems, according to its restructuring firm and a filing with Singapore's accounting authority.

JAC's debt problems mounted in recent months after it halted production in December to fix a technical issue.

The company is the latest victim of a global commodities rout which has seen a Japanese shipper filing for bankruptcy and lower profits at global trading firm Louis Dreyfus.

Specialist restructuring firm Borrelli Walsh said in a letter to JAC's creditors that two of its executives were appointed as receivers and managers of JAC by BNP Paribas. BNP Paribas is one of the lenders to the company and the security agent for its assets.

JAC, which operates one of the world's largest integrated aromatics plants, declined to comment.

Receivership is a type of corporate bankruptcy in which a receiver is appointed by bankruptcy courts or creditors to run the company.

Thomson Reuters publication PFI reported in July that the company was studying rescue packages and debt restructuring options to restart the $2.4 billion plant.

"I presume it went into receivership because the partners can't work together to put in money to revive it," said Colin Shelley, an analyst at energy consultancy FGE.

Among the eight shareholders, South Korean conglomerate SK Group owns 30 per cent of the company and Chinese polyester maker Jiangsu Sanfangxiang Group owns 25 per cent. Glencore also has a 10 percent stake in the firm.

JAC's complex includes a 100,000 barrels per day (bpd) condensate splitter, one of three units that started operations in Asia last year aimed at producing paraxylene, a raw material for textiles and bottles, to meet China's demand.