Reports say Swissco likely to file for judicial managementNews // November 16, 2016
The Straits Times and other regional newspapers report that Swissco Holdings will file for interim judicial management over the next few days. The decision comes as the company's main lenders rejected a restructuring plan.
The Straits Times said United Overseas Bank is Swissco's largest bank lender, followed by DBS Bank. Swissco carries $255 million of bank debt owed to seven lenders, which it had planned to pay off via asset sales and the conversion of debt to equity.
Swissco chief executive Tan Fuh Gih said by phone: "Due to the current circumstances, we're no longer able to operate as a going concern and are prepared to file for interim judicial management."