HSBC Targets Singapore Oil Trader ZenRock Over Finance Deals (2)

May 6, 2020, 12:24 PM

HSBC Holdings Plc, already on the hook for $600 million in loans to fallen Singapore oil giant Hin Leong, has taken steps to oust the management at another energy firm, claiming it used the same cargo to secure financing from multiple banks.

Europe’s biggest lender filed an application to Singapore’s High Court on May 4 to put ZenRock Commodities Trading Pte Ltd. under so-called judicial management, a form of debt restructuring in which a third party runs the company, according to people with knowledge of the matter.

London-based HSBC alleges ZenRock used the same oil cargo as collateral for ...

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