30 Sep '15, 3am

Singapore's Jurong Aromatics goes into receivership on debt woes: SINGAPORE, Sept 30 (Reuters) - Jurong Aromat...

SINGAPORE, Sept 30 Jurong Aromatics Corp (JAC), which operates a large petrochemicals complex in Singapore, has gone into receivership after debt problems, according to its restructuring firm and a filing with Singapore's accounting authority. JAC's debt problems mounted in recent months after it halted production in December to fix a technical issue amid a collapse in the price of oil and related products. Specialist restructuring firm Borrelli Walsh said in a letter to JAC's creditors that two of its executives were appointed as receivers and managers of JAC this week by BNP Paribas. BNP Paribas is of the lenders to the company and the security agent for its assets. JAC declined to comment. Receivership is a type of corporate bankruptcy in which a receiver is appointed by bankruptcy courts or creditors to run the company. The complex is one of the world's largest integra...

Full article: http://www.reuters.com/article/2015/09/30/singapore-juron...

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UPDATE 1-Singapore's Jurong Aromatics goes into...

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