Swiber opts for judicial management - reportedly cannot make coupon paymentCompany News // August 1, 2016
Swiber Holdings, which announced last week that it planned to go into liquidation now says it will to restructure its business following talks with the company’s major financial creditor. Bloomberg said that rather an go for liquidation, it has decided to operate under so-called judicial management, which would allow it to continue operating under court supervision while attempting to turn around the business. Some of its lenders are understood to have sought judicial management to recover more of their loans.
It has also been reported by Straits Times that Swiber Holdings is unable to pay an upcoming coupon payment for the series 001 Trust Certificates due on 2 August 2016.
On 29 July the company also announced that an earlier statement it issued in which it said that several directors had resinged was incorrect and that, in fact, the directoes, Mr Wong, Mr Tay and Mr Gupta remain as directors of certain subsidiaries of the company. It said that Tay Gim Sin Leonard would remain as Group Chief Financial Officer.