Singapore offshore operator Swiber Holdings, which sought judicial management last month having earlier announced its liquidation, has said it is unable to make the coupon payment for the Series 017 CNY450,000,000 7.75%, pursuant to a S$1,000,000,000 multicurrency debt issuance programme, and due on September 18.
Swiber also missed a coupon payment in August for S$150m 6.5% certificates due 2018.
Swiber has also said that it has received further claims, which have now reached around $231.4m.
The fate of Swiber hinges on the support from stakeholders and its ability to complete some US$1.67bn worth of secured projects, its interim judicial manager said in report filed to the Singapore High Court earlier this month.
