Singapore Court Approves Swiber’s Judicial Management Application

A Singapore court has approved Swiber Holdings’ application to be put under judicial management on Thursday, the company informed.

The Singapore High Court has appointed KPMG as the judicial manager for the company, following their interim judical management, on which none of the creditors had any objections.

To remind, Swiber filed the provisional liquidation application in July, which it withdrew following the discussion with its financial creditor.

Instead, the company and its subsidiary, Swiber Offshore Construction, have taken out applications to be placed under judicial management and interim judicial management.

Furthermore, Swiber informed that it won’t be unable to redeem and pay the upcoming coupon payment for the Series 015 SGD100,000,000 5.55% fixed rate notes issued pursuant to the company’s S$1,000,000,000 multi-currency debt issuance programme due on October 10, 2016.

Subsea World News Staff

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