Singapore's Vallianz rejects payment request from Swiber managers

Vallianz Holdings

31/08/2016 16:24

SINGAPORE, Aug 31 (Reuters) - Vallianz Holdings  VHLD.SI , 
which provides support vessels for the oil industry, said on 
Wednesday it had refused a request from the judicial managers of 
shareholder Swiber Holdings  SWBR.SI  to pay around $63.5 
million in outstanding dues. 
    Vallianz, in a statement, said Swiber, which owns around 25 
percent of Vallianz, owed it a similar amount and that should be 
taken into account. 
    Oilfield services group Swiber applied last month to place 
itself under judicial management, rather than liquidation, as it 
faced hundreds of millions of dollars in debt and a decline in 
orders. 
    It is Singapore's biggest corporate casualty of the slump in 
oil prices.  urn:newsml:reuters.com:*:nL4N1AF5J6 
    Vallianz said it owed Swiber about $67.3 million in trade 
and other payables as of June 30 and was also owed about $65.9 
million in trade and other receivables by Swiber. 
 
 (Reporting By Aradhana Aravindan; Editing by Susan Fenton) 
 ((aradhana.aravindan@thomsonreuters.com; +65 6403 5659; Reuters 
Messaging: aradhana.aravindan.thomsonreuters.com@reuters.net)) 
 
Keywords: VALLIANZ SWIBER/PAYMENT