Hin Leong Trading is seeking to restructure debts of almost USD4bn.
- Hin Leong has debts of $3.85bn
- The Monetary Authority of Singapore has been in touch with the banks on their exposures, people familiar with the situation said.
- It is not clear what caused Hin Leong's financing issues
- The son of the legendary founder of Hin Leong said the Singapore oil trader hid about $800 million in losses racked up in futures trading
- suggesting a much bigger hole in the company's finances than thought, according to people with knowledge of the matter
CL trade is open in the US, oil price is around 3% lower, its lowest since November of 2001.
- The May WTI contract is expiring 21 April, its down to just above $17 a barrel, lowest for a front-month contract since November 2001
- WTI June contract is around $24.5 /barrel
