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29

Singapore’s $2.4 Billion Petrochemical Plant Gets Receiver

By Tony Seruga

Borrelli Walsh appointed receiver of Jurong Aromatics
Jurong Aromatics hasn’t been able to service interest payments

Jurong Aromatics Corp., operator of one of the world’s largest petrochemical plants, has been pushed into receivership after debt-restructuring talks stalled amid faltering demand for commodities.

Restructuring firm Borrelli Walsh has been appointed the receiver of the $2.4 billion plant on Singapore’s Jurong Island, according to a filing dated Monday with the city’s Accounting & Corporate Regulatory Authority. Jurong Aromatics, whose shareholders include South Korea’s SK International Investment and Glencore Plc, hasn’t been able to service interest payments amid a plunge in oil prices, and operations have been stalled since December, people familiar with the matter said last month…

Singapore’s $2.4 Billion Petrochemical Plant Gets Receiver

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