Singapore’s Agritrade put under interim judicial management

Agricultural paddy

Singapore-based commodity trader Agritrade International Pte Ltd, which has $1.55 billion due to creditors, has been placed under interim judicial management by a Singapore court, the firm’s Hong Kong-listed subsidiary said in a statement.

In a regulatory statement issued to the Hong Kong bourse late on Tuesday, Agritrade Resources Ltd said the court had dismissed an application by its controlling shareholder for a debt moratorium and appointed an interim judicial manager with limited powers from Feb. 14-19.

A judicial manager may be selected during a court hearing scheduled for Wednesday, two legal sources related to the case said.

In a court filing last month, Agritrade International, said its more than two dozen creditors included banks, private funds and commodity traders and it had received several letters of demand from various lenders.

Agritrade International’s chief executive, Ng Xinwei, had said it was aiming to restructure its debt and asked the court not to allow any of the creditors to begin legal proceedings.

Judicial management allows a financially distressed company to be restructured under court supervision.

The court filings seen by Reuters were part of the company’s application made in January.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.