{
    "success": true,
    "data": {
        "id": 1208354,
        "msgid": "bfs-said-closer-to-winding-up-1447893297",
        "date": "1995-05-12 00:00:00",
        "title": "BFS said closer to winding up",
        "author": null,
        "source": "",
        "tags": null,
        "topic": null,
        "summary": "BFS said closer to winding up SINGAPORE (Reuter): High Court yesterday allowed ING Bank to begin settling at least $126 million (US$90 million) of the known debts of Baring Futures Singapore (BFS). The plan was to eventually wind up the company and a new firm, Baring Futures International, would start operations in Southeast Asia when feasible, an ING spokesman said. The court appointed three Price Waterhouse partners as judicial managers of BFS.",
        "content": "<p>BFS said closer to winding up<\/p>\n<p>SINGAPORE (Reuter): High Court yesterday allowed ING Bank to<br>\nbegin settling at least $126 million (US$90 million) of the known<br>\ndebts of Baring Futures Singapore (BFS).<\/p>\n<p>The plan was to eventually wind up the company and a new firm,<br>\nBaring Futures International, would start operations in Southeast<br>\nAsia when feasible, an ING spokesman said.<\/p>\n<p>The court appointed three Price Waterhouse partners as<br>\njudicial managers of BFS. The three were previously interim<br>\njudicial managers.<\/p>\n<p>They now have 60 days to present a plan to the company and its<br>\ncreditors to repay all presently known creditors, said Rajan<br>\nMenon, a lawyer for ING.<\/p>\n<p>Citibank was the largest creditor, owed S$86 million ($61.4<br>\nmillion), followed by Banque Nationale de Paris, which was owed<br>\nabout S$36 million ($25.7 million), Menon told the court.<\/p>\n<p>Futures deals by former Baring's trader Nick Leeson were<br>\nblamed for the collapse of the Barings group earlier this year.<br>\nING of the Netherlands bought Barings in March.<\/p>\n<p>A Television Corporation of Singapore report quoted ING Bank<br>\nspokesman Wieger Sietsma saying the final debt of BFS could<br>\nexceed S$126 million.<\/p>\n<p>An ING official declined to discuss details of the court<br>\ndecision.<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/bfs-said-closer-to-winding-up-1447893297",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}