Beleaguered China Aviation Oil (CAO) Singapore Corp. has asked the Singapore High Court for more time to submit restructuring details in the wake of its disclosure of a US$550m loss from derivatives trading. The company, the Singapore-listed arm of China's main aviation fuel importer, said it needed another six weeks to come up with a plan to pay its creditors. The loss, the largest corporate failure Singapore has seen since the US$1.2bn collapse of Barings bank, has prompted investigations by the police, the central bank and the stock exchange. CAO sought court protection from creditors in a filing dated November 29 and was given two weeks to come up with a plan to pay back debt and set a date to meet creditors.
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