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Exclusive: Oil trader GP Global APAC seeks debt moratorium in Singapore

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SINGAPORE (Reuters) - Oil trader GP Global APAC Pte Ltd has applied to the Singapore High Court for a six-month debt moratorium as its parent company seeks to restructure more than $1 billion dollars in debt, according to a company director, lawyers and a court document.
The parent, GP Global - a major global oil trader and ship fuel supplier based in the United Arab Emirates - said in July it would restructure the group's debt by selling assets after lenders scaled back credit.
GP APAC, which has missed loan payments in recent months, joins a string of defaults among Asian oil trading companies - including Singapore's Hin Leong Trading Pte Ltd, one of Asia's biggest bunker fuel suppliers - in the wake of last year's pandemic-driven crash in oil prices.

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