Bankrupt Jurong Aromatics Corporation enters receivership after failed debt talks

The $2.4b plant couldn't survive the commodity slide.

Jurong Aromatics Corp., operator of one of the world’s largest petrochemical plants, has been pushed into receivership after debt-restructuring talks stalled amid faltering demand for commodities.

Restructuring firm Borrelli Walsh has been appointed the receiver of the $2.4 billion plant on Singapore’s Jurong Island, according to a filing dated Monday with the city’s Accounting & Corporate Regulatory Authority. Jurong Aromatics, whose shareholders include South Korea’s SK International Investment and Glencore Plc, hasn’t been able to service interest payments amid a plunge in oil prices, and operations have been stalled since December, people familiar with the matter said last month.

Read the full report from Bloomberg here.