Hin Leong Banks Hit a Snag to Tap $1.5 Billion in Lim Assets
- PwC urges family to sell assets to repay $3.5 billion in loans
- HSBC, DBS, ABN may face prolonged delays recouping debt
This article is for subscribers only.
Efforts by banks including HSBC Holdings Plc and ABN Amro Bank NV to recover $3.5 billion from a collapsed oil trader in Singapore have hit a snag over attempts by a court-appointed manager to tap other assets of the family that ran the firm.
PricewaterhouseCoopers, judicial managers of Hin Leong (Pte) Ltd., has urged the family to repay creditors with 95% of their assets, estimated to be worth at least S$2 billion ($1.5 billion), according to people familiar with the matter. The family could keep the remaining 5%, said the people, who asked not to be identified because the information is confidential. The Lim family hasn’t agreed to the proposal, stymying talks, the people said.