Singapore Court Approves Judicial Management for Debt-Laden Swissco

People walk past the skyline of the central business district along the Marina Bay Promenade in Singapore April 10, 2017. (Reuters Photo/Edgar Su)

By : Fathin Ungku and Marius Zaharia | on 1:00 AM April 22, 2017
Category : International, Asia-Pacific

Singapore. A Singapore court on Friday (21/04) approved Swissco Holdings Ltd's application to be placed under judicial management after the debt-burdened rig and vessel charter firm reached an impasse with major lenders last year.

Judicial management is a process that gives a financially distressed company leeway to return to financial health under court supervision.

Singapore's offshore and marine industry has been hit by low oil prices, weak charter rates and delays to projects.

Oilfield services firm Swiber Holdings is also under judicial management. Last month oilfield services provider Ezra Holdings Ltd filed for US bankruptcy protection.

The court approved EY's Angela Ee and Purandar Rao as Swissco's judicial managers.

As of end-September 2016, Swissco's outstanding debt repayable in one year or less was $255.7 million.

Reuters

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