Swiber defaults on coupon payment

Swiber defaults on coupon payment

Bankrupt Singapore offshore and marine group Swiber Holdings has announced that its wholly-owned subsidiary Swiber Capital will default on its upcoming coupon payment of S$150m ($110.7m) due on August 2 under its $500m multicurrency Islamic trust certificates issuance programme.

Swiber Holding and its subsidiaries officially went into judicial management in October 2016 after getting an approval from Singapore High Court and the company has since been involved in a series of bond and coupon payment defaults.

In July, the court approved Swiber’s application to extend its period under judicial management to March 21 next year.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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