SINGAPORE (Reuters) - HSBC Holdings PLC (L:HSBA) has filed an application to the Singapore High Court to place Zenrock Commodities Trading Pte Ltd under judicial management, three people familiar with the matter said on Wednesday.
Singapore-based Zenrock Commodities trades crude, oil products and petrochemicals.
Under judicial management, an independent judicial manager is appointed to manage the affairs of a company.
HSBC declined to comment. Zenrock did not immediately respond to requests for comment.
Just late last month, Zenrock issued a statement to reassure clients that it was not under financial duress after global oil and fuel prices slumped.
The company was founded in Singapore in 2014 by a group of traders including Xie Chun, Zenrock Commodities' president, formerly from Unipec, and Tony Lin, formerly Vitol's China head.
Zenrock has offices in Singapore, Shanghai and Geneva.