Swiber defaults on notes again as claims soar past $230m

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.


Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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