Jurisdictions involved in this assignment
Singapore
The business and background
Six Xihe Capital SPVs (Da Shun, Da Hai, An Rong, An Shun, Nan Fang and An Ding) collectively owned 13 chemical tankers.
Together with subject matter experts, the judicial manager ran a Structured Sale Programme with the view to extracting the most value of the vessels without “flooding the market”.
Most of these vessels were writ laden and not seaworthy. Several strategies were adopted by the judicial manager to dispose of these vessels. Where the vessels were writ-free, the judicial manager had to operate these vessels to earn charter income to defray the monthly operating costs which were significant.
What we did
With our management, all 13 vessels were disposed of within nine months of the judicial management appointment.
The outcome
The engagement was successfully concluded.
