SINGAPORE, Feb 19 (Reuters) - Singapore-based commodity dealer Agritrade Worldwide Pte Ltd, which h
SINGAPORE, Feb 19 (Reuters) – Singapore-based commodity dealer Agritrade Worldwide Pte Ltd, which has $1.55 billion as a result of collectors, has been positioned beneath interim judicial administration by a Singapore courtroom, the agency’s Hong Kong-listed subsidiary mentioned in an announcement.
In a regulatory assertion issued to the Hong Kong bourse late on Tuesday, Agritrade Assets Ltd 1131.HK mentioned the courtroom had dismissed an utility by its controlling shareholder for a debt moratorium and appointed an interim judicial supervisor with restricted powers from Feb. 14-19.
A judicial supervisor could also be chosen throughout a courtroom listening to scheduled for Wednesday, two authorized sources associated to the case mentioned.
In a courtroom submitting final month, Agritrade Worldwide, mentioned its greater than two dozen collectors included banks, personal funds and commodity merchants and it had acquired a number of letters of demand from numerous lenders.
Agritrade Worldwide’s chief govt, Ng Xinwei, had mentioned it was aiming to restructure its…