SINGAPORE, May 8 (Reuters) - Singapore-based Zenrock
Commodities Trading Pte Ltd has been placed under the management
of a court-appointed supervisor following an application by HSBC
Holdings, the bank told Reuters on Friday.
Zenrock did not immediately respond to a Reuters request for
comment.
"The Singapore High Court granted HSBC's application for the
appointment of interim judicial managers (IJM) in relation to
Zenrock," a spokeswoman from HSBC said in an emailed response to
a query.
Two sources with knowledge of the matter said executives
from accounting firm KPMG have been appointed as IJMs of
Zenrock. KPMG declined to comment.
Under so-called judicial management, a court appoints
independent managers to run the affairs of a financially
distressed company in place of existing management. Such moves
are often seen favourably by creditors.
(Reporting by Anshuman Daga; editing by Jason Neely)