Xihe creditors adjourn court proceedings in favour of consensual restructuring

Singapore-based tanker shipowner, Xihe Group of Companies (Xihe) on Wednesday (29 July) announced its creditors have adjourned court proceedings in favour of working together with the group towards a consensual restructuring.

“Xihe is deeply grateful to the lenders and to the Court for this opportunity,” said the company in an official press release.

“Xihe is committed to bring about the best outcome for all its stakeholders, partners and clients.”

Xihe owns almost 140 vessels covering every segment of the fuel transportation market. 

Last week, OCBC bank filed an affidavit for it to be placed under judicial management.

In the filing, OCBC claims the mismanagement in terms of financial reporting and other such “serious irregularities” have caused the bank to “strongly distrust” the current management of the company.

Related: OCBC files for Xihe Holdings to be placed under judicial management

Photo credit: Aditya-chinchure
Published: 30 July, 2020