Swiber Holdings *Official* (SGX: BGK)

[Jupiter2017]

http://www.businesstimes.com.sg/com...extension-for-announcement-of-results-and-agm
Tue, Nov 07, 2017 - 10:35 PM
Swiber Holdings granted extension for announcement of results and AGM

SWIBER Holdings announced on Tuesday that it has been granted approval by the Singapore Exchange for a later release of its financial statements and the holding of its annual general meeting.
The beleaguered offshore and marine group first announced in October that it had applied to the local bourse, among other things, for a further extension of time of 13 months, up to Nov 30, 2018 (being one month after the judicial management order or JMO expiry date), to announce the Q2 2016, Q3 2016, FY 2016, Q1 2017 and Q2 2017 financial results.
It also asked for a further extension of time of 13 months, up to Dec 31, 2018 (being two months after the JMO expiry date), to hold the 2017 AGM, and an extension of time of eight months, up to Dec 31, 2018, to hold the annual general meeting of the company for FY 2017.
Swiber's shares have been suspended from trading since July 27 last year.
On July 28, 2016, the company announced that it made an application to wind up the company and place it into provisional liquidation.

 

[Alan999]

Any update on this counter now?

 

[Jupiter2017]

http://www.businesstimes.com.sg/com...o-rights-cum-warrants-issue-in-agreement-with
Swiber shareholders give nod to rights cum warrants issue in agreement with Vallianz
THU, NOV 23, 2017 - 8:00 PM JACQUELINE WOO tsjwoo@sph.com.sg

SHAREHOLDERS of Swiber Holdings have given the green light to the proposed rights cum warrants issue as set out in the company's set-off and settlement agreement with Vallianz Holdings.
The judicial managers of Swiber told the Singapore Exchange on Thursday that all ordinary resolutions were duly passed at the extraordinary general meeting on the same morning.
The agreement - first entered into by both Swiber and Vallianz on May 24, and later amended on Nov 6 - is aimed at fully offsetting and settling the US$36.6 million sum owed by Vallianz to Swiber as at Dec 31, 2016.
Through the rights cum warrants issue, Vallianz's net owings of US$36.6 million to Swiber will be converted into shares in Vallianz's capital.
Any balance net payables to Swiber following the latter's subscription of any rights shares with warrants and any exercise of these warrants will be settled through new equity in the future.
The new right shares will be issued on the basis of one rights share at the issue price of 1.6 Singapore cents each, for every one share held by a shareholder.
Each rights share comes with two free detachable warrants, and each warrant carries the right to subscribe for one new share at the exercise price of 1.6 Singapore cents apiece.
Both the issue price and the exercise price have been revised from the two Singapore cents initially announced in May.
For Swiber's undertaking to subscribe for additional new shares if there are any unutilised owings by Vallianz, the issue price for each of the additional new shares will also be 1.6 Singapore cents.
Swiber, which is under judicial management, owns 20.17 per cent of Vallianz.

 

[Jupiter2017]

http://www.businesstimes.com.sg/com...ent-action-if-feb-1-agm-deadline-not-met-acra
Swiber directors to face enforcement action if Feb 1 AGM deadline not met: Acra
MON, DEC 18, 2017 - 2:28 PM LEE MEIXIAN leemx@sph.com.sg

THE Accounting and Corporate Regulatory Authority (Acra) has rejected Swiber Holdings' application for an extension to hold its 2017 annual general meeting (AGM) and to lay the FY2016 financial statements at the AGM.
Swiber is to take immediate action to hold the 2017 AGM and to lay the FY2016 financial statements at the 2017 AGM by Feb 1, 2018, failing which Acra will proceed with enforcement action against the directors of the company and letters offering composition will be issued, Acra said.
The offshore and marine group had applied for a time extension under the Companies Act to hold the AGM by Dec 31, 2018 and to lay the FY2016 financial statements at the AGM.
In addition, in relation to Swiber's request for a time extension to appoint new audit committee members to make up the minimum number of three members, ACRA said that "the Registrar of Companies is not empowered to consider the company's request to grant such extension of time to the company".
Swiber said: "The company is looking into the available options and will keep its shareholders updated on any material developments on this matter."

 

[Shion]

https://splash247.com/seaspan-and-swiber-terminate-200m-investment-deal/

 

[Shion]

Stricken offshore firm Swiber in talks for possible $285.4m rescue by Mideast investor

Stricken offshore firm Swiber in talks for possible $285.4m rescue by Mideast investor

https://www.straitstimes.com/busine...-swiber-in-talks-for-possible-2854m-rescue-by

SINGAPORE (THE BUSINESS TIMES) - Debt-laden offshore and marine group Swiber Holdings, currently in judicial management, has started discussions with a third party with a view to set out the broad terms of a possible restructuring deal in a term sheet.

If signed, the term sheet will then form the general basis for negotiations of the definitive transaction agreements for the investment.

The potential investor is a Middle East-based oil and gas conglomerate, offshore support vessel owner Swiber said in a bourse filing on Wednesday night (April 15).

The potential investment is aligned with the Middle Eastern firm's strategy for the region, Swiber's judicial managers understand.

As part of the proposed deal terms, the conglomerate will invest a total of US$200 million (S$285.4 million) cash in a new wholly-owned subsidiary to be incorporated by Swiber and/or in Swiber's existing wholly-owned unit Equatoriale Energy Pte Ltd (EEPL).

The potential investor has proposed to do this by injecting an initial US$10 million through the subscription of new shares in the new subsidiary, making up about 80 per cent of this subsidiary's enlarged share capital.

Subsequently, the balance of US$190 million will be invested by way of subscribing, in tranches, for new shares in the new subsidiary and/or EEPL.

The potential deal will also have a debt restructuring component. This includes the new subsidiary issuing redeemable convertible bonds to certain secured creditors, to address Swiber Holdings' liabilities to those secured creditors.

These bonds will be convertible into shares which will constitute about 10 per cent of the new subsidiary's enlarged share capital if the bonds are converted.

For the unsecured creditors of Swiber Holdings and Swiber Offshore Construction (SOC), the new subsidiary will issue to the creditors shares making up about 12.6 per cent of its enlarged share capital to the creditors.

Before the closing of the initial US$10 million investment, the Swiber group will also conduct an internal restructuring.

This will see the group transferring certain assets, including secured and unsecured vessels, a secured leasehold property, shares in certain subsidiaries, and some contracts and intellectual property to the new subsidiary.

On April 5, the Middle Eastern conglomerate had sent a preliminary and non-binding expression to Swiber regarding the potential investment, which is subject to satisfactory due diligence, the receipt of necessary approvals and the signing of definitive transaction agreements.

Swiber emphasised that as at April 15, no definitive or binding agreements - including any term sheet - have been signed in connection with the possible restructuring deal.

The court in January extended the judicial management periods for Swiber and SOC to April 30, 2020.

Trading in Swiber shares has been suspended since 2016.

 

[klanddt]

With the current oil price situation this one appears to be gone case. Only a saint will deal on this one and probably not for commercial reasons.