Interim judicial managers see "reasonable" prospects of saving Swiber

Swiber Holdings

05/09/2016 02:25

SINGAPORE, Sept 5 (Reuters) - Troubled Singapore oilfield 
services firm Swiber Holdings  SWBR.SI  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)) 
 
Keywords: SWIBER HOLDINGS RESTRUCTURING/