A Singapore venture fund has swooped to pick over the carcass of bust Swissco Holdings.
Swissco’s judicial managers have approved a $28.5m offer Asian Strategic Turnaround Ventures to take over Swissco’s OSV business. The fund will take on 26 OSVs plus three Swissco companies
Swissco entered into judicial management last November after the listed company registered a $296m quarterly loss. A number of other Singapore firms in the offshore sector have also sought judicial management, the Asian republic’s version of chapter 11.