Swissco appoints Ernst & Young to advise on restructuringCompany News // October 6, 2016
The board of directors of Swissco Holdings Limited has appointed Ernst & Young Solutions LLP as independent
financial advisor to the group to assist in the refinancing and restructuring of the company's notes.
Under the terms and conditions of the notes, the next interest payment date falls on 16 October 2016. Swissco said that, in view of the upcoming payment, the company is considering a refinancing plan in connection with the notes and is actively engaging in ongoing discussions with all of its bank lenders and holders of the redeemable exchangeable preference shares in S&E Offshore Investments Pte Ltd and S&E Offshore Investments 2 Pte. Ltd.
The company also intends to engage with holders of the notes with respect to any proposed refinancing plan. The refinancing plan is to allow the company to have an optimised debt structure, with sufficient time to manage its liabilities and growth in the present industry conditions.
The company will be convening an informal meeting with noteholders on 10 October 2016 with the aim of updating them on the company’s current position.