Singapore Court Names Deloitte as Manager for Inter-Pacific Group Debt Restructuring

Accountancy firm Deloitte & Touche said on Thursday it has been appointed by Singapore’s high court to act as interim judicial manager for marine fuel supplier Inter-Pacific Group Pte (IPG) in an application for a court-led debt restructuring process, Reuters reported. The appointment, following a nomination by IPG, comes more than two months after IPG unit Inter-Pacific Petroleum Pte (IPP) had a licence to operate bunker fuel tankers suspended by Singapore’s Maritime Port Authority (MPA). The MPA detected operational irregularities during an inspection. Following the suspension, “There was a significant cash flow crunch, such that there is insufficient cash to sustain (IPP) operations,” according to an affidavit reviewed by Reuters, filed to the court on Aug. 20 on behalf of the company’s director and majority shareholder, Hong Kong-based Cheung Lai Na. Read more