Singapore oil traders face credit crunch after Hin Leong fiasco

FINANCIAL TIMES 🔒| The collapse of one of Singapore’s biggest oil traders has raised the prospect of a severe liquidity crunch in the city-state’s under-pressure commodities sector, threatening a wave of defaults and bankruptcies. Investors and analysts warn that banks are likely to cut their exposure to the industry after heavily indebted oil trader Hin Leong Trading filed for bankruptcy protection. The company has admitted to $800m in undisclosed losses and is the subject of a police investigation.

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