Friday, July 29, 2016

Swiber - Judicial Management

The Board of Directors (the “Board”) of Swiber Holdings Limited (the “Company”) refers to its earlier announcement dated 27 July 2016, regarding the appointment of Mr Cameron Lindsay Duncan and Ms Muk Siew Peng, care of KordaMentha Pte Ltd, as the joint and several Provisional Liquidators of the Company (“Provisional Liquidators”).

On 28 July 2016, the Board of Directors and the Provisional Liquidators have had discussions with the Company’s major financial creditor who indicated that they are supportive of an application for the Company to place itself into judicial management instead of liquidation. 

Today, the Company and its subsidiary, Swiber Offshore Construction Pte Ltd (“SOC”), have taken out applications to place the Company and SOC under judicial management and interim judicial management. As a consequence, the Company has applied to discharge the provisional liquidation order and to withdraw the winding up application made on 27 July 2016.  

1 comment:

  1. Yes,I think the JM will be better than liquidation ,,as market will see and expect some hopes and compromise from creditors ,,, Swiber is playing right game in the sense that first file for liquidation and change 360'degree to JM ,,which I think to calm the market ,,, creditors will be much more willing to compromise,,, see th share price dropped in DBS,,, the JM will be better for them..😃😃 just my thought ..