05-09-2016 09:25:09
Interim judicial managers see "reasonable" prospects of saving Swiber
SINGAPORE, Sept 5 (Reuters) - Troubled Singapore oilfield
services firm Swiber Holdings said on Monday its
interim judicial managers saw "reasonable" prospects of saving
the company.
The company said in a statement major stakeholders,
including suppliers, vendors and creditors, have expressed a
willingness to work with the interim judicial managers to
support the completion of ongoing projects.
The prospects of saving the company hinge on the support of
stakeholders and its ability to complete some $1.67 billion
worth of secured projects. This could lead to a better outcome
for creditors than a winding up scenario, the statement said.
Swiber applied in July to place itself under judicial
management, after initially filing for liquidation, becoming the
largest local company to fall victim to the slump in oil prices.
Judicial management allows for a company to be nursed back to
health under the supervision of the Singapore Court.
(Reporting by Marius Zaharia; Editing by Richard Pullin)
((marius.zaharia@thomsonreuters.com; +65 6403 5657; Reuters
Messaging:
marius.zaharia.thomsonreuters.com@reuters.net))
