Court grants judicial management to Swiber Holdings

SINGAPORE (Oct 6): Swiber Holdings, the Singapore-based firm that roiled the local bond market when it defaulted in August, has been put under judicial management while it reorganises debt.

The high court in the city-state granted applications by Swiber Holdings, which helps build offshore oil platforms, and by its unit Swiber Offshore Construction to put both firms under judicial management, the court said. The judicial managers should file updates to creditors every six weeks, unless they call meetings within 60 days, according to the court order.

The slump in oil prices has hurt Singapore, which relies on the marine and offshore industry for about 19% of manufacturing jobs. Bonds in some Singapore oil services companies including Ezra Holdings and Pacific Radiance have plunged into distress, adding to global fallout from the drop in crude.

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