Xihe seeks to restructure business amid OCBC's judicial management application

Singapore

OIL tanker shipowner Xihe Group, which is linked to the Lim family of troubled oil trader Hin Leong, plans to embark on a "consensual restructuring" with its lenders and sell some of its vessels, the company said in a press statement on Thursday.

Xihe's statement comes ahead of a Singapore High Court hearing on Aug 13, where Hin Leong creditor OCBC Bank seeks to bring Xihe and four of its vessel-owning units under judicial management.