Singapore court approves judicial management for debt-laden Swissco

Ezra Holdings

21/04/2017 04:28

SINGAPORE, April 21 (Reuters) - A Singapore court on Friday 
approved Swissco Holdings Ltd's  SWCO.SI  application to be 
placed under judicial management after the debt-burdened rig and 
vessel charter firm reached an impasse with major lenders last 
year.  urn:newsml:reuters.com:*:nL4N1DF3YY  
    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  SWBR.SI  is also 
under judicial management. Last month oilfield services provider 
Ezra Holdings Ltd  EZRA.SI  filed for U.S. bankruptcy 
protection.  urn:newsml:reuters.com:*:nL3N1GX135 
    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. 
 
 (Reporting by Fathin Ungku and Marius Zaharia; Editing by 
Edwina Gibbs) 
 ((marius.zaharia@thomsonreuters.com; +44)(0)(207 542 0950; 
Reuters Messaging: 
marius.zaharia.thomsonreuters.com@reuters.net)) 
 
Keywords: SWISSCO RESTRUCTURING/