Not all is well with the ‘consensual’ restructuring of Xihe Group
OCBC Bank’s now successful filing to place some of Xihe entities under judicial management is proof that not all lenders are fully on board with what has been deemed a ‘consensual restructuring’
The move by OCBC has lent cheer to bankers frustrated with the progress being made in recovering debts. With the recent news that Hin Leong’s founder OK Lim is facing charges of allegedly abetting malfeasance in the trading firm, exposed lenders could try to put further distance between the Lim family and the restructuring
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