Swiber and Vallianz squabble over outstanding payments
Swiber Holdings’ (SHL) interim judicial managers have notified Vallianz that it owes some $63.5m in outstanding payments to the bankrupt company and its subsidiary, Swiber Offshore Construction (SOC), which Vallianz has declined to pay.
In letters addressed to Vallianz, the managers requested reasons for non-payment to Swiber, which is a controlling shareholder of the Singapore-listed company.
Vallianz reasoned in a filing today that payments owed by the Swiber group must also be taken into account when requesting monies owed.
Business was conducted between the two groups on an extended credit basis as well as a netting off basis, including the netting off of receivables and payables between Vallianz and Swiber entities, Vallianz stated.
As of June 30 this year, the company was owed $65.92m by Swiber in trade receivables and other receivables, according to Vallianz’s H1 2016 results.
It said its trade payables and other payables owing to Swiber came to $67.34m during the six-month period.