Swiber Applies for Judicial Management, Defaults on Bonds Interest Payment

Swiber Holdings, has applied to discharge the provisional liquidation order and withdrawn the winding up application following discussions with its major financial creditor.

Namely, the Singapore-based company and its subsidiary, Swiber Offshore Construction have taken out applications to be placed under judicial management and interim judicial management instead of liquidation.

The applications have been fixed to be heard by the High Court of Singapore on Tuesday, August 2, 2016.

Furthermore, the company informed on Monday that it has been advised by Swiber Capital Pte. that it is unable to pay the upcoming coupon payment for the S$150,000,000 6.50 per cent, due on August 2, 2016.

In addition, Swiber has received additional claims around $24.6 million, bringing the total sum of claims to approximately $50 million as at 29 July 2016.

Subsea World News Staff

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