Singapore offshore operator Swiber Holdings, which sought judicial management in July having earlier announced its liquidation, has been given the green light by the Singapore High Court to officially be placed under judicial management along with subsidiary Swiber Offshore Construction.
Swiber has been under interim judicial management, with KPMG as managers, since July 29.
According to Singapore’s Business Times over 10 creditors including DBS Bank were present under representation from lawyers, and put up no opposition to the application for judicial management.
The judicial managers have been ordered by the court to provide updates to creditors every six weeks.
