Business

Court hearing to confirm KPMG as oil trader ZenRock’s judicial managers set for July 13

SINGAPORE – A High Court hearing will be held on July 13 on an application to confirm KPMG Services' appointment as judicial managers of embattled ZenRock Commodities Trading, which filed for bankruptcy protection in May. It owes more than US$165 million (S$230 million) to its institutional lenders.

The Straits Times understands that there has been no court application filed to wind up ZenRock's business. This comes after a report by Bloomberg said ZenRock has plans to wind down its business, with employees across offices in Singapore and China set to depart by next month. The company had about 100 employees globally, with about 60 of those based in the city-state.

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