Oil Trader GP Global’s Singapore Unit Seeks Court Protection (1)

The Singapore unit of troubled commodities trader GP Global Group has applied for protection from legal actions by lenders and other traders, as the parent company undergoes a financial restructuring.

GP Global APAC Pte., formerly known as Gulf Petrochem Pte. and which used to trade petroleum and supply shipping fuels, filed the application for a debt moratorium to Singapore’s High Court earlier this month, according to documents seen by Bloomberg. The company said it owed a combined $464 million to its biggest 20 unsecured creditors, including Credit Suisse Group AG.

United Arab Emirates-based GP Global, which operates storage ...