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Swiber Holdings, has applied to discharge the provisional liquidation order and withdrawn the winding up application following discussions with its major financial creditor.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

Share this article

Follow Subsea World News

Events>

<< Jun 2017 >>
MTWTFSS
29 30 31 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 1 2

Oil & Gas Indonesia 2017

Oil & Gas Indonesia (OGI) is an exhibition focused on Oil and Gas Exploration, Production and Refining and showcases the largest exhibition…

read more >

IADC World Drilling 2017 Conference & Exhibition

This event showcases products like Cutting edge, drilling technology, well control, health, safety, environment, training and environment industry…

read more >

OGA 2017

OGA 2017 is the most beneficial way to meet, discuss and acquire the latest in the Oil & Gas industry! It is also;…

read more >

SPE Offshore Europe 2017

Attending SPE Offshore Europe, recognised by offshore E&P professionals as Europe’s leading E&P exhibition and conference, will ensure…

read more >