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Hin Leong founder OK Lim sells one third of ships to repay debt

Reuters
Reuters3/3/2021 8:3 AM GMT+08  • 3 min read
Hin Leong founder OK Lim sells one third of ships to repay debt
It is expected the rest of the ships will be sold by late this year.
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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, the court-appointed supervisor of Xihe Holdings, put up several vessels for sale through shipbrokers 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.

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