April 30, 2020 / 8:41 AM / in a month

Singapore's Hontop in talks with banks to manage debts - sources

SINGAPORE, April 30 (Reuters) - Hontop Energy (Singapore) Pte Ltd, the trading arm of a Shandong-based refiner, is negotiating directly with banks on managing its debts after it withdrew its application for a debt moratorium, two sources with knowledge of the matter said.

Hontop submitted last month a request to the Singapore High Court to apply for a debt moratorium but the company subsequently withdrew it, they said.

The company went into receivership in February after Singapore bank DBS, one of Hontop’s creditors, appointed accounting firm KPMG as the receiver.

Hontop officials could not be immediately reached for comment.

Hontop, a unit of China Wanda Group, buys crude oil for the group’s 100,000 barrels per day refinery in Dongying, Shandong province, operated by Tianhong Chemicals Co Ltd.

In March, Moody’s Investors Service confirmed Wanda Group Co Ltd’s corporate family rating at B3 and downgraded its outlook rating to negative from “ratings under review” previously. (Reporting by Jessica Jaganathan, Chen Aizhu and Florence Tan; editing by David Evans)

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