Singapore’s Swiber put under judicial management
- Business & Finance
Singapore’s offshore services company Swiber Holdings is withdrawing its wind up application after it has been placed under judicial management.
The company said on Wednesday that the Singapore High Court granted an order putting the company and its subsidiary, Swiber Offshore Construction (SOC), into interim judicial management.
Bob Yap Cheng Ghee, Tay Puay Cheng and Ong Pang Thye, all care of KPMG Services, were appointed as the joint and several interim judicial managers of the company and SOC.
As such, the application to discharge the provisional liquidators, Cameron Lindsay Duncan and Muk Siew Peng was granted and leave was granted for the company to withdraw its winding up application.
To remind, Swiber in late July made an application to wind up the company following demands from creditors. Additionally, the company also filed an application to place the company in provisional liquidation. The High Court of Singapore appointed Cameron Lindsay Duncan and Muk Siew Peng, care of KordaMentha Pte Ltd, as the joint and several provisional liquidators of the company.
Following the wind up and provisional liquidation applications, the company said that its Board of Directors and the Provisional Liquidators have had discussions with the company’s major financial creditor who indicated its support of an application for the company to place itself into judicial management instead of liquidation.
Swiber then applied for judicial management and as a result applied to discharge the provisional liquidation order and to withdraw the winding up application made on July 27, 2016.
Offshore Energy Today Staff