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September 6, 2019

Deloitte appointed manager of Inter-Pacific Group debt restructuring

Singapore’s High Court has appointed Deloitte as interim judicial manager for Inter-Pacific Group Pte (IPG). The appointment follows two months after IPG subsidiary Inter-Pacific Petroleum Pte (IPP) had its licence to operate bunker fuel tankers suspended by Singapore's Maritime Port Authority.

"There was a significant cash flow crunch, such that there is insufficient cash to sustain (IPP) operations," according to an affidavit seen by Reuters, filed to the court on 20 August on behalf of the company's director and majority shareholder, Hong Kong-based Cheung Lai Na. IPP's outstanding liabilities totalled more than $168.5 million, according to the affidavit.

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