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Banks freeze credit to Singapore oil trader after price crash

Bloomberg
Bloomberg4/10/2020 02:12 PM GMT+08  • 3 min read
Banks freeze credit to Singapore oil trader after price crash
The lenders to privately-held Hin Leong Trading (Pte.) Ltd. won’t issue new letters of credit to the company
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SINGAPORE (Apr 9): At least two lenders to one of Singapore’s biggest independent oil traders are freezing short-term credit lines to the firm amid concerns over its ability to repay the debts, according to people with knowledge of the matter.

The lenders to privately-held Hin Leong Trading (Pte.) Ltd. won’t issue new letters of credit to the company, according to the people, who asked not to be identified because they aren’t authorized to speak publicly.

Nobody responded to calls or emails to the company seeking comment.

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