Singapore offshore operator Swiber Holdings has completed a dramatic week of twists and turns by announcing it will not be going into temporary liquidation as announced on Thursday and that a winding up application has been withdrawn.
Swiber said that after meeting with creditors it was decided to place the company under judicial management instead of liquidation, giving it a chance to rehabilitate.
The move will at least provide some stability for Vallianz Holdings. Despite issuing a statement claiming it was business as usual, the company suffered from a drop of over 40% in its share price on Thursday, mainly due to Swiber holding a 25% stake in the company.
Swiber also revealed that it has received further claims of around $24.6m, bringing the total amount of claims it has received to over $50m.
There was no indication given on when Swiber shares would resume trading on the Singapore Exchange.