Swiber Holdings said today, via its provisional liquidator, it cannot pay the upcoming coupon payment for the S$150m 6.5% certificates due 2018. Payment was due tomorrow.
Swiber became the most high profile Singapore offshore casualty when it announced it would head into liquidation last Thursday, sparking a rout of oil and gas stocks on the local exchange.
Swiber then changed tack, saying a day later it would seek to go into judicial management rather than take the liquidation route, with some analysts suspecting the change of heart was down to management believing it can get a better price for asset sales rather than opting for a fire sale.
