Swissco hearing adjourned until 21 AprilCompany News // March 29, 2017
The Interim Judicial Managers (IJMs) of Swissco Holdings Limited nd its subsidiary Swissco Offshore (Pte) Ltd have announced that the hearing of the applications by the companies to be placed under judicial management has been adjourned to Friday, 21 April 2017 in the High Court of the Republic of Singapore.
The Interim Judicial Managers are in the process of marketing all or parts of the assets of the company and SOPL.
As at 17 February 2017, 12 non-binding expressions of interest have been received. The first phase of due diligence reviews has been conducted, and five indicative bids have been received.
A further due diligence review is to be conducted, and formal bids by way of binding transaction documentation are expected to be received by the second week of April 2017.
The outcome of this exercise may affect the Interim Judicial Managers' assessment as to the prospects of one of more of the objectives of a judicial management being achieved.
In this respect, the IJMs have been directed by the court to file a further report (the third report) by 12 April 2017.