Scandal-hit Hin Leong seeks to cede control to PwC

FINANCIAL TIMES 🔒| Hin Leong, the distressed Singapore oil trader that has admitted to $800m of undisclosed losses, is seeking to appoint PwC as an independent manager to run the business as it pursues a debt restructuring of almost $4bn. The company will withdraw the bankruptcy protection filing it submitted last week and instead ask Singapore’s High Court to appoint PwC as a third party to run the company, a process known as judicial management, according to people familiar with the situation. A virtual court hearing will be held in the next few days.

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