From The Straits Times:
Rest of the 150 ships owned by O.K. Lim's firms expected to be sold by late this year
About one-third of the roughly 150 ships owned by companies controlled by Singapore tycoon Lim Oon Kuin and his family have been sold as part of efforts to repay billions of dollars of debt owed to creditors, two sources told Reuters.
Accounting firm Grant Thornton, court-appointed supervisor of Xihe Holdings, put up several vessels for sale through ship brokers in September last year.
Xihe Holdings is owned by the Lim family and held the bulk of their fleet.
The rest of the ships are majority-owned by Xihe Capital - currently under liquidation according to Singapore business registry records - and 10 single purpose companies.
The ships owned by the Xihe group have been sold at prices of US$2 million (S$2.65 million) to US$3 million each for coastal barges and around US$30 million each for very large crude carriers, said the two sources.
Buyers include Greek ship owners, one of the sources said....
....MORE
There were so many parts to this story:May 12, 2012
Singapore's Hin Leong May Have Knocked Société Générale Out Of the Commodity Financing Business
April 22
"China’s Sinopec in talks to buy stake in Hin Leong’s Singapore terminal: Sources"
April 21
Shipping/Fuel: "Banks tighten credit on Asia oil traders as Hin Leong losses add to woes - sources"
April 20
FT Backgrounder On Singapore's Hin Leong Trading (and some MAJOR accounting issues)
April 20
"How an epic gamble exposed the rot inside O. K. Lim's Hin Leong oil trading empire"
April 20
India’s ICICI Bank Seeks To Impound Two Tankers Operated By Hin Leong Trading Subsidiary
April 19
Shipping/Fuel: Singapore's Hin Leong Trading Is Bankrupt, Probable Disclosure and Bank Fraud Issues (HSBC exposure $600 Mil US)
Apr. 16
Uh Oh: Singapore's Hin Leong Will Suspend Marine Fueling Operations As Soon As April 17
Apr. 15
Singapore's Hin Leong Still Fueling Ships, Rescue Complicated By $4.25 Billion Debt
Apr. 14
Singapore Oil Trader Hin Leong Trading Is On The Ropes With No Help From Bankers
Singapore: An Infrastructure Asset The Chinese Won't Be Getting, Jurong Port to take over O.K. Lim family's stakes in Universal Terminal
January 2021
How The Failed Bets Of Singapore's Hin Leong Trading Changed The Oil Industry Forever
Long-time readers figured out some time ago that we didn't have all those Hin Leong posts for grins and giggles. It was a big deal, bigger than I or anyone knew at the time and still expanding in its ramifications.
