Singapore offshore operator Swissco Holdings appears to have finalised a restructuring plan to present to investors, calling an informal meeting with noteholders for October 24.
The company met with noteholders last week, telling investors it was unable to pay interest on the notes due this month. However, despite appointing financial advisors Ernst & Young Solutions, Swissco was unable to present a plan on how it might refinance or restructure.
Swissco says the meeting with investors next week is to present an update on the restructuring, with no decisions or voting planned, but it does signal a step forward from the previous meeting and is likely to include a concrete plan.
Last week Swissco said it was forming a steering committee of noteholders to work with Ernst & Young to develop a mutually agreeable restructuring plan, however it is likely that more urgent action is required. It appears to only have enough cash on hand to see out this month, while it pursues new charters, vessel sales and arbitrations to collect funds.
Swissco shares remain suspended from trading on the Singapore Exchange.
